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

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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Ivy Realty buys two office buildings off Lincoln Road: $49M

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THE REAL DEAL — July 15, 2016 — BY KATHERINE KALLERGIS. Terranova Corporation has sold two office buildings off of Lincoln Road in Miami Beach for a combined $48.75 million, the company announced on Monday

Greenwich, Connecticut-based Ivy Realty is the buyer. Terranova affiliates sold the buildings at 1674 and 1688 Meridian Avenue to Ivy MBT Property.

1674 Meridian Avenue, which is near Terranova’s Lincoln Lane projects, is five stories tall and spans 30,132 square feet. It last sold for $7.48 million in 2004. Tenants include Sean Donaldson Hair and Miami plastic surgeon Dr. Leonard Tachmes.

1688 Meridian Avenue, a 10-story 89,834-square-foot building, is on the corner of Michigan Avenue and Meridian, across from Macy’s. Terranova paid $19.55 million for the tower in 2004. Tenants include Regus, Verizon Model Management and Barclay’s Real Estate Group, according to a press release

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Suniland Center Sells for $66.5 Million

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DAILY BUSINESS REVIEW — June 1, 2016 — BY CARLA VIANNA. A Pinecrest retail trade generated a hefty profit after a long hold.

The Suniland Shopping Center traded for $66.5 million in a deal that broke down to $811 per square foot – a dollar figure that falls on the higher end of the transaction spectrum in the upscale suburban market, said a broker involved in the deal.

Sunny Land Associates Ltd., an affiliate of Miami Beach-based Terranova Corp., was able to sell the 82,000-square-foot strip mall within four months. Under Terranova ownership since the mid-1990s, the center sold Friday to Denver-based real estate investment fund, Dividend Capital Property Fund Inc., which has $2.4 billion in holdings in 21 markets.

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