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

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