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

Terranova Sells Longtime Miami Beach HQ for $22M

/in ,

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.

CLICK HERE FOR THE FULL ARTICLE

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

/in , ,

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.

CLICK HERE FOR THE FULL ARTICLE



MiralceMile_Refi

Terranova scores $55M refi of Miracle Mile portfolio in Coral Gables

/in ,

THE REAL DEAL – November 29, 2021 BY KATHERINE KALLERGIS
Terranova Corp. secured a $55 million refinance of its Miracle Mile portfolio in downtown Coral Gables, as the firm continues to take advantage of low interest rates.

Miami Beach-based Terranova, led by Chairman Stephen Bittel, received the financing from City National Bank. The debt consolidates and replaces loans from three lenders on 14 properties, Bittel said.

The closing occurred about a month after Terranova refinanced its Marshalls/Lincoln Eatery building in Miami Beach with a $23 million loan, also from City National Bank.

The $55 million loan is backed by properties that include 220 Miracle Mile, 300 Miracle Mile and 253 Miracle Mile. The 220 Miracle Mile property could eventually be redeveloped into a hotel, but Bittel said those plans are on hold for now.

“The money will be used to repatriate some of our capital to accommodate tenant improvements and return some of our originally invested capital,” he said. His company has been taking advantage of “historically low interest rates,” he added.

CLICK HERE FOR THE FULL ARTICLE