801 arthur godfrey rd

suite 600

miami beach, florida 33140

 

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TERMS OF SERVICE

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Online Privacy Policy

Terranova respects the privacy rights of our online visitors and recognizes the importance of protecting the information collected from you.

Terranova will not sell, borrow, or share your contact information with any outside parties. All information collected (which will be limited to name, e-mail address, physical address, and phone number) will only be used and accessible to selected Terranova representatives. We respect your privacy and will only use your information to improve customer service, website functionality, and to communicate with you. Communications may include, but are not limited to:

  • Responses to your inquiries
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  • To share research reports created by our internal Marketing department

If you have any questions or concerns regarding any information presented in this policy, please contact us by telephone at 305.695.8700.

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including market trends in the industry, events, future development projects and more.

Terranova Sells Longtime Miami Beach HQ for $22M

THE REAL DEAL – December 10, 2021 BY KATHERINE KALLERGIS
Terranova Corporation sold its longtime headquarters in Miami Beach for $22 million, marking one of the largest investment sales on 41st Street.

Terranova sold the nearly 52,000-square-foot building at 801 Arthur Godfrey Road to Fifteen Group in an off-market deal, Terranova Chairman Stephen Bittel told The Real Deal. Miami-based Fifteen Group, led by Mark and Ian Sanders, plans to renovate the building and lease it to family offices, wealth management and financial firms, according to a release.

Terranova paid $4.3 million for the property in December 2002, records show. The commercial real estate firm plans to stay on the top floor for the next year until it finds a new home base of about 20,000 square feet, Bittel said. The company will likely either stay in Miami Beach or move to Coral Gables.

Florida Dental Benefits, a Terranova company, will move with the firm. Terranova has investments in gas stations, car washes and convenience stores, as well as insurance and private equity. The company recently secured a $55 million refinance of its Miracle Mile portfolio in downtown Coral Gables.

A few sales have occurred along 41st Street, which is a main Mid-Beach thoroughfare that connects Miami Beach to the mainland via the Julia Tuttle Causeway. In 2016, Hyatt Hotels paid more than $229 million for the Confidante Miami Beach on Collins Avenue and 41st Street. And earlier this year, TRD reported that hospitality mogul David Grutman plans to reopen The Forge at 432 West 41st Street.

Bittel said it is “a great time to be a seller,” but said it was difficult to sell the Miami Beach property. “This is our home. It’s been our home for a long time,” he added.

Fifteen Group “quickly came in, and we reached a price agreement they think is too high and we think is too low,” Bittel said.

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