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Stephen Bittel’s Terranova buys corner property on Miracle Mile in Coral Gables

THE REAL DEAL – JULY 9, 2021 BY KATHERINE KALLERGIS Terranova expanded its holdings on Coral Gables’ Miracle Mile.

The Miami Beach-based real estate firm, led by Stephen Bittel, paid $6 million for the corner property at 300 Miracle Mile, previously home to California Pizza Kitchen, Bittel said. It marks the 12th property Terranova owns on the retail street and the fourth on that block. The restaurant closed early during the pandemic.

The big question is whether these moves will make up for the hits to the office market during the pandemic. If so, this could lead to developers spending hundreds of millions of dollars on office construction and renovations to capture premier tenants.

Terranova financed the purchase with a $3 million loan from Apollo. Terranova’s managing director, Ari Bittel, led the deal. It closed June 29.

The Mildred Weissel Trust sold the 5,950-square-foot building after more than 70 years of ownership. Stephen Bittel said he has “chased this building now for 15 years.”

“We always dreamed that when she was ready to sell that we would get the first call,” he said, referring to trustee Judy Weisel.

Terranova is in talks with a national concept that will be making a large investment in the space, Bittel said, declining to provide a name.

The single-story building, built in 1949, sits on a 6,000-square-foot lot, property records show.

Bittel’s other properties on the block include 308, 348 and 360 Miracle Mile. 308 Miracle Mile is adjacent to the property Terranova just purchased and is leased to the Miami-Dade County Public Library system.

Sushi Sake, as well as a reboot of John Martin’s, and Dickey’s BBQ Pit are new restaurants opening at properties on Miracle Mile.

Agave Holdings’ 2.25 million-square-foot The Plaza project, one of the largest developments underway in Coral Gables, is under construction a few blocks south of Miracle Mile. Loews Hotels is anchoring the mixed-use mega project.

Earlier this year, Terra and Terranova sold a nearly 24-acre development site in Doral to logistics real estate investment firm GLP Capital Partners for $55 million.

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DoralSale-Stephen-Bittel

Terra, Terranova sell 24-acre property in Doral for $55M

THE REAL DEAL — FEBRUARY 8, 2021 — BY KATHERINE KALLERGIS Terra and Terranova Corp. sold a nearly 24-acre development site in Doral to logistics real estate investment firm GLP Capital Partners for $55 million.

The two firms planned to develop the property, home to PepsiCo’s former regional headquarters and bottling plant, into an industrial and retail development. Terra and Terranova had purchased the property, at 7777 Northwest 41st Street, for $40 million in 2018.

Terra and Terranova leased the property back to PepsiCo when the joint venture acquired it for a period that ended in July, according to a press release.

It just sold for $2.3 million per acre. The site fronts the Palmetto Expressway and is near Miami International Airport. It’s zoned for industrial development and can be developed into 500,000 square feet of commercial space.

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Inside the Mind of Stephen Bittel

THE CORAL GABLES MAGAZINE — August 2018 — BY JP FABER Fifteen years ago Stephen Bittel – Chairman and founder of South Florida commercial real estate powerhouse Terranova – decided to begin buying property on Miracle Mile. Today Terranova is the largest property owner on what Bittel calls Coral Gables’ “high street,” and a firm believer that families today want to live in walkable urban environments rather than in the suburbs. We recently caught up with Bittel and asked him for his insights about Coral Gables, where in recent years he has played a growing role as a civic booster.

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