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

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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Overhaul: Coral Gables spruces up the Miracle Mile streetscape

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FLORIDA TREND — June 2016 — BY ROCHELLE BRODER-SINGER. To boost evening and weekend business, downtown Coral Gables is undergoing major streetscape improvements. The two most radical changes on Miracle Mile will be 23-foot-wide sidewalks that can accommodate outdoor dining (sidewalks are currently 15 feet wide) and parallel parking along the street instead of angle parking. There will also be gardens, landscaping, more trees, decorative lighting and better directional signs, along with a new drainage system.

The parking change is the m ost controversial, since it will mean 96 fewer spaces (out of 236). Retailers – mostly locally owned stores – worry that customers who can’t easily park in front of their stores will go elsewhere.

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