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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Two office buildings near Lincoln Road sell for $48.75 million
/in Acquisitions, General, In the newsMIAMI HERALD — July 15, 2016 — BY CHABELI HERRERA. An affiliate of Miami Beach-based commercial real estate firm Terranova Corp., Beach Tower LLC, has sold two office buildings a block north of Lincoln Road for $48.75 million, furthering the firm’s goal of expanding the promenade to 17th Street.
Ivy MBT Property has purchased the buildings from Beach Tower LLC, which purchased the properties at 1674 and 1688 Meridian Ave. in 2004
Nearby, Terranova is also developing two three-story buildings — at 723 Lincoln Lane and 801 Lincoln Road — into retail projects with Marshalls and Anthropologie as anchor tenants.
Pair of South Beach office buildings sold for $49M
/in Acquisitions, General, In the newsSOUTH 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
/in Acquisitions, General, In the newsTHE 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
CLICK HERE FOR THE FULL ARTICLE