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Two Miami Beach Properties Sell for $49 Million, Doubling Purchase Price

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DAILY BUSINESS REVIEW — July 18, 2016 — BY CARLA VIANNA. Sit on an asset long enough and it’ll double in price.

That was the case for two office properties in Miami Beach that fetched $49 million late last week — double the original purchase price twelve years earlier.
 

Terranova Corp. affiliate Beach Tower LLC sold the office towers at 1674 and 1688 Meridian Ave. for $48.75 million in a deal that closed July 14, the real estate advisory firm announced. The seller pocketed the buildings in 2004 with two transactions totaling $27 million.

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Two office buildings near Lincoln Road sell for $48.75 million

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MIAMI HERALD — July 15, 2016 — BY CHABELI HERRERA. An affiliate of Miami Beach-based commercial real estate firm Terranova Corp., Beach Tower LLC, has sold two office buildings a block north of Lincoln Road for $48.75 million, furthering the firm’s goal of expanding the promenade to 17th Street.

Ivy MBT Property has purchased the buildings from Beach Tower LLC, which purchased the properties at 1674 and 1688 Meridian Ave. in 2004

Nearby, Terranova is also developing two three-story buildings — at 723 Lincoln Lane and 801 Lincoln Road — into retail projects with Marshalls and Anthropologie as anchor tenants.

Pair of South Beach office buildings sold for $49M

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SOUTH FLORIDA BUSINESS JOURNAL — July 15, 2016 — BY BRIAN BANDELL. Terranova Corp. sold a pair of office buildings in South Beach, just north of trendy Lincoln Road, for $48.75 million.

Beach Tower LLC, an affiliate of Miami Beach-based Terranova, sold the offices at 1674 and 1688 Meridian Ave. to Ivy MBT Property, an affiliate of New Jersey-based Ivy Realty. The buildings have 30,132 square feet in three stories and 89,834 square feet in nine stories.

The deal also included 0.7 acres of land at 1699 to 1719 Jefferson Ave. that’s currently used for parking. Ivy Realty said that property could potentially be developed into commercial or multifamily use.

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