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Pair of South Beach office buildings sold for $49M

SOUTH 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.