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

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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