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

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Terranova sells Miami Beach HQ building for $22M

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SOUTH FLORIDA BUSINESS JOURNAL – December 10, 2021 BY BRIAN BANDELL Commercial real estate firm Terranova sold its Miami Beach headquarters office for $22 million and will look for new space next year.

The company sold the six-story, 51,806-square-foot office building at 801 Arthur Godfrey Road to Miami-based Fifteen Group. Terranova Chairman Stephen Bittel said his company and a sister company currently occupy about 13,000 square feet there and haven’t been leasing it out to third parties, so much of the building is not occupied.

Terranova acquired the office for $4.26 million in 2002, so it sold it for a big gain. It was built on the 22,135-square-foot lot in 1969.

“It’s a little sad that we are letting go of something that is near and dear to us,” Bittel said. “Our business plan has evolved over the years, and we just didn’t need that much space. Low interest rates and a focus on South Florida real estate has driven pricing very high.”

Bittel said Fifteen Group plans to renovate the building and lease it to third parties, which will create more opportunities to lure companies to Miami Beach. Teranova will lease space there for a year while it looks for a new headquarters.

Bittel said Terranova and its affiliates need about 20,000 square feet and are looking in Miami Beach and Coral Gables. He might purchase a larger building and lease out part of the space. He would also consider leasing.

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Terranova Sells Longtime Miami Beach HQ for $22M

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THE REAL DEAL – December 10, 2021 BY KATHERINE KALLERGIS
Terranova Corporation sold its longtime headquarters in Miami Beach for $22 million, marking one of the largest investment sales on 41st Street.

Terranova sold the nearly 52,000-square-foot building at 801 Arthur Godfrey Road to Fifteen Group in an off-market deal, Terranova Chairman Stephen Bittel told The Real Deal. Miami-based Fifteen Group, led by Mark and Ian Sanders, plans to renovate the building and lease it to family offices, wealth management and financial firms, according to a release.

Terranova paid $4.3 million for the property in December 2002, records show. The commercial real estate firm plans to stay on the top floor for the next year until it finds a new home base of about 20,000 square feet, Bittel said. The company will likely either stay in Miami Beach or move to Coral Gables.

Florida Dental Benefits, a Terranova company, will move with the firm. Terranova has investments in gas stations, car washes and convenience stores, as well as insurance and private equity. The company recently secured a $55 million refinance of its Miracle Mile portfolio in downtown Coral Gables.

A few sales have occurred along 41st Street, which is a main Mid-Beach thoroughfare that connects Miami Beach to the mainland via the Julia Tuttle Causeway. In 2016, Hyatt Hotels paid more than $229 million for the Confidante Miami Beach on Collins Avenue and 41st Street. And earlier this year, TRD reported that hospitality mogul David Grutman plans to reopen The Forge at 432 West 41st Street.

Bittel said it is “a great time to be a seller,” but said it was difficult to sell the Miami Beach property. “This is our home. It’s been our home for a long time,” he added.

Fifteen Group “quickly came in, and we reached a price agreement they think is too high and we think is too low,” Bittel said.

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Healthy lifestyle cafe Pura Vida signs lease for outpost on Miracle Mile

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SOUTH FLORIDA BUSINESS JOURNAL – December 6, 2021 BY JULIAN QUINTANA Miami Beach-based Pura Vida has signed a 10-year lease for an outpost in Coral Gables, where it aims to open its 13th healthy lifestyle eatery by fall 2022.

At 244 Miracle Mile, the new eatery – the brand’s second in Coral Gables – will occupy 2,675 square feet. It already has a location on the University of Miami campus.

There are currently 11 Pura Vida cafes in South Florida, with a 12th set to open Dec. 17 at 221 S.W. First Ave. in Fort Lauderdale. Locations typically range from 2,000 to 3,000 square feet.

“We are so excited about the debut of our new Coral Gables location, especially within such a historical and desirable area in the city’s downtown central business, shopping and dining district,” founder and CEO Omer Horev said. “We look forward to enhancing the area by providing a new and unique wellness-geared dining option for the city’s residents and visitors, all while creating new job opportunities and investment in the area.”

In February, Horev told the Business Journal that his goal was to grow to 10 cafes by the end of 2021.

By the end of 2020, he had opened his fourth and fifth cafes at 959 West Ave. in Miami Beach and at 460 S. Rosemary Ave in West Palm Beach, respectively. Due to those openings, the number of employees at Pura Vida doubled from 110 to over 225, Horev said.

Pura Vida offers health-conscious items such as fresh-pressed smoothies, range-free eggs, raw organic açai bowls, and gluten-free and vegan dessert items.

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