Current media coverage and upcoming developments hand-picked from the industry.

Investors Pay Over $50 Million for Coral Gables Office Building

South Florida Business Journal, by Brian Bandell – August 22nd, 2023

A parthership between Lndmrk Development, Terranova Corp. and Torose Equities acquired the 255 Alhambra office building.

A source close to the deal said the price was more than $50 million, but the parties didn’t announce it. The deed has yet to be filed in county records.
RREEF America REIT II Corp., a fund managed by Deutsche Bank, sold the 220,000-square-foot office building and its parking deck at 255 Alhambra Circle to the local developers.

The property was last traded for $59.9 million in 2006, so it sold for either a slight discount or basically broke even.


Terranova, Torose, and Lndmrk buy Coral Gables office building for more than $50M

The Real Deal, by Francisco Alvarado – August 21st, 2023

Joint venture acquired 255 Alhambra, a 13-story mid-rise completed in 1972.

Torose Equities teamed up with Lndmrk Development and Terranova to buy a Coral Gables office building. The joint venture acquired 255 Alhambra, a 13-story mid-rise with 220,000 square feet of office space at 255 Alhambra Circle, according to a press release. Torose, Lndmrk and Terranova declined comment about the sale price through a spokesperson. But the joint venture paid “north of $50 million” for 255 Alhambra, according to a source familiar with the deal.
The seller, a partnership between Deutsche Bank and RREEF Real Estate Investment Trust, paid $59.9 million for the 1.3-acre property in 1983, records show. The building was completed in 1972. The new owners plan to upgrade amenities in the building, which underwent recent improvements by Deutsche Bank and RREEF, the release states. In a statement, Torose founder and principal Scott Sherman said 255 Alhambra is “positioned to generate strong returns with stable in-place cash flow.”


Miami CEO thrives despite Parkinson’s diagnosis as new research promises faster detection.

NBC 6 South Florida, by Loena Inclan – June 6th, 2023

“I live a very full and wonderful life. I still come to work every single day, I work as much as I used to work before,” Mindy McIlroy said.

She runs one of South Florida’s top commercial real estate firms with an investment portfolio of nearly $1 billion.

As if that wasn’t challenging enough, Mindy McIlroy does it all while also battling a disease that’s on the rise.

When you walk into Terranova’s offices in Coral Gables, you can’t help but notice the row of plaques on the wall.

Each one notes major acquisitions in the commercial real estate market, making Terranova the largest property owner on the iconic streets of Miracle Mile and Lincoln Road.

The driving force behind all that success is the company’s president, Mindy.

“The people portion of the job is really, really great,” she said. “I also like meeting with entrepreneurs who are wanting to invest their life savings in a concept and how excited they are about it and particularly how excited they get when it works.”

Mindy has been called a visionary in her industry thanks to her eye for spotting innovative trends — but back in 2014, she received news that changed her life.