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

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Terranova Snaps Up Two Buildings on Coral Gables’ Historic Miracle Mile

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CRE-SOURCES – OCTOBER 24, 2021 Terranova Corporation Chairman Stephen Bittel announced the company’s acquisition of two Miracle Mile buildings at 232 Coral Way, which totals 1,861 square feet, and 330 Miracle Mile , which totals 9,099 square feet.

Managing Director Ari Bittel led the acquisition which closed last week, bringing to 14 the number of Terranova-owned buildings on Miracle Mile. The seller was Mildred W Brown, LLC.

The buildings, purchased for a combined $7.8 million, will be marketed for lease to select new restaurant/retail tenants to further round out the growing roster of dynamic establishments at Terranova-owned buildings, including Cortadito, Sushi Sake, and John Martin’s, as well as others along Miracle Mile including Gramercy, Luca Osteria, Zitz Sum, Forte, and Dickey’s BBQ Pit.

The single-tenant 232 Coral Way building is currently leased to Kaia, a Greek and Mediterranean restaurant coming soon, and the three-tenant property at 330 Miracle Mile is currently occupied by Gabriella Arango Couture, with two spaces available for immediate occupancy.

“We are pleased to continue to acquire buildings on Miracle Mile as part of Terranova’s long-standing commitment to elevate the city of Coral Gables with dynamic restaurant and retail tenants who bring significant value to the city, its residents and tourists,” Bittel said. “The city’s real estate market is strong and positioned for continued growth, and we will continue to execute on our strategy to acquire assets while we support meaningful community programs that advance a greater good.”

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Miracle Mile double play: Terranova pays $8M for two Coral Gables retail sites

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THE REAL DEAL – OCTOBER 21, 2021 BY FRANCISCO ALVARADO
Stephen Bittel’s commercial real estate firm made a double play in Coral Gables, acquiring two Miracle Mile storefronts for $7.8 million.

An entity tied to Miami Beach-based Terranova Corporation bought the retail sites at 232 Coral Way and 330 Miracle Mile, records show. The seller is Will of Mildred W Brown, LLC.

In a statement, Bittel said the firm now owns 14 buildings on Miracle Mile, which was the focus of a $21 million streetscape makeover by the city of Coral Gables. Bittel is Terranova’s CEO.

The 1,861-square-foot single-tenant space at 232 Coral Way was built in 1942, and the 9,099-square-foot store at 330 Coral Way was completed in 1946, according to records. The Terranova affiliate paid roughly $711 a square foot.

The smaller building is leased to Kaia, a Greek and Mediterranean restaurant that is opening soon, Bittel said. The larger building is currently leasing one space to Gabriella Arango Couture and has two more spaces available for rent to restaurant or retail tenants, he added.

Terranova is bullish on Miracle Mile because “the city’s real estate market is strong and positioned for continued growth,” Bittel said.

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This Real Estate Leader Forged His Own Path in South Florida: Here’s How

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DAILY BUSINESS REVIEW – OCTOBER 4, 2021 BY MELEA VANOSTRAND
Aggressive, intense and hardworking are the three words Miami’s Terranova Corp. chairman and founder Stephen Bittel would describe himself as. 

“I graduated with seven employees, and by that time had acquired two strip shopping centers. We had the benefit of those shopping centers. I had borrowed the deposit and raised the equity from one large investor from Germany, and a number of friends and family-type investors locally. We got acquisition fees on the transaction, which then we called just brokerage commissions. We retained a portion of the equity, and also the management leasing, so for the first time, I had regular cash flow,” said Bittel.

Starting a company with no capital was a challenge at first, but Bittel said it came from hard work and determination.

“I was way too young to be doing what I was doing. The first acquisition was for $1,900,051, which in today’s dollars is probably $8 million or $9 million. I was only 24 years old and, of course, I had never owned or operated anything. I persuaded people I was honest and would work hard and make an investment myself, and I would do everything I could to make it successful, and they believed,” Bittel said.

“I never felt I was aggressive, but everyone says I am and need to smile more and I’m very focused. I’ve always been overly intense. As a kid, I was always overly intense. I’m very focused on whatever the goal is in front of me, and I’m very prepared. I think being hard working has really defined and created my success professionally,” Bittel said.

Bittel founded Terranova without any capital in the 1980s and said work-life balance was never something he thought about until meeting his financial goals.

Before founding the commercial real estate agency, Bittel attended Bowdoin College, a private liberal arts college in Brunswick, Maine. He took the opportunity to study abroad in Europe for a year after receiving a scholarship, and during his year away he wrote a bi-weekly column for the Daily Business Review, applied to law school and received a scholarship to attend the University of Miami Law School. 

The Miami native’s father and grandfather were both attorneys.

“Everyone presumed that I would follow in his footsteps, and take over his practice. While we had a great intellectual and emotional connection, after my year in Europe, it was clear I was never going to practice law,” said Bittel.

Bittel’s plans changed because he wanted a more active role with capital. Rather than taking care of it for other people, he wanted to direct it.

“The people I was the most engaged with there were in control of their own capital, and it made me think back about the many dinners back home with family and friends, and all of my parent’s friends talked with excitement and vigor about their real estate investments. None of them were full-time real estate investors because they were doctors, lawyers, mortgage brokers, insurance people and professionals, but they really thought the way to make a difference and build wealth was through real estate,” said Bittel.

In October, in Bittel’s second year at law school, he started what is now known as Terranova Corp., hoping to start working in real estate young so he could do it full-time. 

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