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Two Miami Beach Properties Sell for $49 Million, Doubling Purchase Price
DAILY BUSINESS REVIEW — July 18, 2016 — BY CARLA VIANNA. Sit on an asset long enough and it'll double in price. That was the case for two office properties in Miami Beach that fetched $49 million late last week — double the original purchase price twelve years earlier. Terranova Corp. affiliate Beach Tower LLC sold the office towers at 1674 and 1688 Meridian Ave. for $48.75 million in a deal that closed July 14,…
Two office buildings near Lincoln Road sell for $48.75 million
MIAMI HERALD — July 15, 2016 — BY CHABELI HERRERA. An affiliate of Miami Beach-based commercial real estate firm Terranova Corp., Beach Tower LLC, has sold two office buildings a block north of Lincoln Road for $48.75 million, furthering the firm’s goal of expanding the promenade to 17th Street. Ivy MBT Property has purchased the buildings from Beach Tower LLC, which purchased the properties at 1674 and 1688 Meridian Ave. in 2004 Nearby, Terranova is also…
Pair of South Beach office buildings sold for $49M
SOUTH FLORIDA BUSINESS JOURNAL — July 15, 2016 — BY BRIAN BANDELL. Terranova Corp. sold a pair of office buildings in South Beach, just north of trendy Lincoln Road, for $48.75 million. Beach Tower LLC, an affiliate of Miami Beach-based Terranova, sold the offices at 1674 and 1688 Meridian Ave. to Ivy MBT Property, an affiliate of New Jersey-based Ivy Realty. The buildings have 30,132 square feet in three stories and 89,834 square feet in nine…