DAILY BUSINESS REVIEW – OCTOBER 4, 2021 BY MELEA VANOSTRAND
Aggressive, intense and hardworking are the three words Miami’s Terranova Corp. chairman and founder Stephen Bittel would describe himself as.
“I graduated with seven employees, and by that time had acquired two strip shopping centers. We had the benefit of those shopping centers. I had borrowed the deposit and raised the equity from one large investor from Germany, and a number of friends and family-type investors locally. We got acquisition fees on the transaction, which then we called just brokerage commissions. We retained a portion of the equity, and also the management leasing, so for the first time, I had regular cash flow,” said Bittel.
Starting a company with no capital was a challenge at first, but Bittel said it came from hard work and determination.
“I was way too young to be doing what I was doing. The first acquisition was for $1,900,051, which in today’s dollars is probably $8 million or $9 million. I was only 24 years old and, of course, I had never owned or operated anything. I persuaded people I was honest and would work hard and make an investment myself, and I would do everything I could to make it successful, and they believed,” Bittel said.
“I never felt I was aggressive, but everyone says I am and need to smile more and I’m very focused. I’ve always been overly intense. As a kid, I was always overly intense. I’m very focused on whatever the goal is in front of me, and I’m very prepared. I think being hard working has really defined and created my success professionally,” Bittel said.
Bittel founded Terranova without any capital in the 1980s and said work-life balance was never something he thought about until meeting his financial goals.
Before founding the commercial real estate agency, Bittel attended Bowdoin College, a private liberal arts college in Brunswick, Maine. He took the opportunity to study abroad in Europe for a year after receiving a scholarship, and during his year away he wrote a bi-weekly column for the Daily Business Review, applied to law school and received a scholarship to attend the University of Miami Law School.
The Miami native’s father and grandfather were both attorneys.
“Everyone presumed that I would follow in his footsteps, and take over his practice. While we had a great intellectual and emotional connection, after my year in Europe, it was clear I was never going to practice law,” said Bittel.
Bittel’s plans changed because he wanted a more active role with capital. Rather than taking care of it for other people, he wanted to direct it.
“The people I was the most engaged with there were in control of their own capital, and it made me think back about the many dinners back home with family and friends, and all of my parent’s friends talked with excitement and vigor about their real estate investments. None of them were full-time real estate investors because they were doctors, lawyers, mortgage brokers, insurance people and professionals, but they really thought the way to make a difference and build wealth was through real estate,” said Bittel.
In October, in Bittel’s second year at law school, he started what is now known as Terranova Corp., hoping to start working in real estate young so he could do it full-time.
CLICK HERE FOR THE FULL ARTICLE
Miracle Mile double play: Terranova pays $8M for two Coral Gables retail sites
/in Acquisitions, In the newsTHE 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.
CLICK HERE FOR THE FULL ARTICLE
This Real Estate Leader Forged His Own Path in South Florida: Here’s How
/in In the newsDAILY BUSINESS REVIEW – OCTOBER 4, 2021 BY MELEA VANOSTRAND
Aggressive, intense and hardworking are the three words Miami’s Terranova Corp. chairman and founder Stephen Bittel would describe himself as.
“I graduated with seven employees, and by that time had acquired two strip shopping centers. We had the benefit of those shopping centers. I had borrowed the deposit and raised the equity from one large investor from Germany, and a number of friends and family-type investors locally. We got acquisition fees on the transaction, which then we called just brokerage commissions. We retained a portion of the equity, and also the management leasing, so for the first time, I had regular cash flow,” said Bittel.
Starting a company with no capital was a challenge at first, but Bittel said it came from hard work and determination.
“I was way too young to be doing what I was doing. The first acquisition was for $1,900,051, which in today’s dollars is probably $8 million or $9 million. I was only 24 years old and, of course, I had never owned or operated anything. I persuaded people I was honest and would work hard and make an investment myself, and I would do everything I could to make it successful, and they believed,” Bittel said.
“I never felt I was aggressive, but everyone says I am and need to smile more and I’m very focused. I’ve always been overly intense. As a kid, I was always overly intense. I’m very focused on whatever the goal is in front of me, and I’m very prepared. I think being hard working has really defined and created my success professionally,” Bittel said.
Bittel founded Terranova without any capital in the 1980s and said work-life balance was never something he thought about until meeting his financial goals.
Before founding the commercial real estate agency, Bittel attended Bowdoin College, a private liberal arts college in Brunswick, Maine. He took the opportunity to study abroad in Europe for a year after receiving a scholarship, and during his year away he wrote a bi-weekly column for the Daily Business Review, applied to law school and received a scholarship to attend the University of Miami Law School.
The Miami native’s father and grandfather were both attorneys.
“Everyone presumed that I would follow in his footsteps, and take over his practice. While we had a great intellectual and emotional connection, after my year in Europe, it was clear I was never going to practice law,” said Bittel.
Bittel’s plans changed because he wanted a more active role with capital. Rather than taking care of it for other people, he wanted to direct it.
“The people I was the most engaged with there were in control of their own capital, and it made me think back about the many dinners back home with family and friends, and all of my parent’s friends talked with excitement and vigor about their real estate investments. None of them were full-time real estate investors because they were doctors, lawyers, mortgage brokers, insurance people and professionals, but they really thought the way to make a difference and build wealth was through real estate,” said Bittel.
In October, in Bittel’s second year at law school, he started what is now known as Terranova Corp., hoping to start working in real estate young so he could do it full-time.
CLICK HERE FOR THE FULL ARTICLE
The Lincoln Eatery Welcomes Pop Up & Shop Up as its First Retail Boutique
/in In the news, LeasingMIAMI COMMUNITY NEWSPAPERS – OCTOBER 1, 2021 BY MIAMI BEACH CHAMBER Miami’s Best Food Hall Steps into the World of Retail with the Launch of its First Boutique, Creating a New Sense Of Community for Local Businesses in Miami Beach.
The Lincoln Eatery, Miami Beach’s first modern food hall and Best Food Hall 2021 by Miami New Times, announces the grand opening of its first retail boutique called Pop Up & Shop Up. The stall will launch onSunday, September 19, the same day as the eatery’s monthly makers market hosted by founder Stephani Lamoni.
The event will take place from 1 p.m. to 5 p.m., and will highlight a broad selection of local businesses, selling a rotating selection of locally made products. Participating brands on opening week include Scrub Runes, Island Gal Beauty Bar, Made in Goods, Shop Rue and more. The event at the Lincoln Eatery is free to attend and RSVPs via Eventbrite are suggested.
The launch of Pop Up & Shop Up as a permanent stall within the food hall continues the Lincoln Eatery’s mission of bringing local artisans together, creating a sense of community in Miami Beach. The boutique will continue to highlight minority-owned businesses and showcase locally-made products, including makeup, skincare, haircare, artisan goods, homemade jewelry, works of art, sustainable fashion and more.
The Pop Up & Shop Up concept was created in 2019 when Lamoni sought to create a venue for local makers to sell their own homemade goods on a consistent basis. After operating at venues across South Florida, the Lincoln Eatery adopted the activation as a monthly event, well attended by South Florida locals seeking a sense of community in the middle of bustling South Beach.
CLICK HERE FOR THE FULL ARTICLE