MIAMI BEACH, FL – July 15, 2016 – Concluding a 12-year investment, Beach Tower LLC sold two offices buildings located 1674 and 1688 Meridian Avenue yesterday for $48.75 million dollars to Ivy MBT Property, LLC. Originally purchased in 2004 in two transactions for $7,475,000 for 1674 Meridian and $19,550,000 for 1688 Meridian.
Terranova Chairman Stephen Bittel said, “we are delighted with the positive conclusion of this investment. Our current development of two neighboring three story retail buildings featuring Marshalls and Anthropologie as anchor tenants, will open the future of Meridian Avenue and expand Lincoln Road, Miami’s most famous landmark, an eight block expanse of shopping, dining, and entertainment.”
The redeveloped Terranova buildings will fuse with the ongoing growth of Lincoln Road establishments and its neighboring streets and alleys. This spillover of retail activity – already observable in stores and restaurants just off the main street are indications of a distinct Lincoln Road district that is forging not only shopping and dining, but also cultural, residential, educational and business activities.
The 89,834 and 30,132 square foot properties, just one block north of Lincoln Road on 17th Street and Meridian Avenue, includes as tenants Regus, Next Model Management, Verizon Wireless, Barclay’s Real Estate Group, SCPF, and Merchant Data Systems.
CLICK HERE FOR THE PDF PRESS RELEASE
Terranova Corporation, South Florida’s leading commercial real estate advisory firm, currently is involved with commercial real estate assets for its clients and its own portfolio valued at more than $1 billion. The company offers complete commercial real estate services, including asset and property management, leasing, tenant representation, acquisitions, dispositions, financing, construction management and development services.
###
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.
CLICK HERE FOR THE FULL ARTICLE
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
Terranova Affiliate Sells Beach Towers for $48.75 Million
/in Acquisitions, General, Press releasesMIAMI BEACH, FL – July 15, 2016 – Concluding a 12-year investment, Beach Tower LLC sold two offices buildings located 1674 and 1688 Meridian Avenue yesterday for $48.75 million dollars to Ivy MBT Property, LLC. Originally purchased in 2004 in two transactions for $7,475,000 for 1674 Meridian and $19,550,000 for 1688 Meridian.
Terranova Chairman Stephen Bittel said, “we are delighted with the positive conclusion of this investment. Our current development of two neighboring three story retail buildings featuring Marshalls and Anthropologie as anchor tenants, will open the future of Meridian Avenue and expand Lincoln Road, Miami’s most famous landmark, an eight block expanse of shopping, dining, and entertainment.”
The redeveloped Terranova buildings will fuse with the ongoing growth of Lincoln Road establishments and its neighboring streets and alleys. This spillover of retail activity – already observable in stores and restaurants just off the main street are indications of a distinct Lincoln Road district that is forging not only shopping and dining, but also cultural, residential, educational and business activities.
The 89,834 and 30,132 square foot properties, just one block north of Lincoln Road on 17th Street and Meridian Avenue, includes as tenants Regus, Next Model Management, Verizon Wireless, Barclay’s Real Estate Group, SCPF, and Merchant Data Systems.
CLICK HERE FOR THE PDF PRESS RELEASE
Terranova Corporation, South Florida’s leading commercial real estate advisory firm, currently is involved with commercial real estate assets for its clients and its own portfolio valued at more than $1 billion. The company offers complete commercial real estate services, including asset and property management, leasing, tenant representation, acquisitions, dispositions, financing, construction management and development services.
###