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Chairman Stephen Bittel talks real estate, trends, and building better communities.
CRE-SOURCES – OCTOBER 24, 2021 Terranova Corporation Chairman Stephen Bittel announced the company’s acquisition of two Miracle Mile buildings at 232 Coral Way, which totals 1,861 square feet, and 330 Miracle Mile , which totals 9,099 square feet.
Managing Director Ari Bittel led the acquisition which closed last week, bringing to 14 the number of Terranova-owned buildings on Miracle Mile. The seller was Mildred W Brown, LLC.
The buildings, purchased for a combined $7.8 million, will be marketed for lease to select new restaurant/retail tenants to further round out the growing roster of dynamic establishments at Terranova-owned buildings, including Cortadito, Sushi Sake, and John Martin’s, as well as others along Miracle Mile including Gramercy, Luca Osteria, Zitz Sum, Forte, and Dickey’s BBQ Pit.
The single-tenant 232 Coral Way building is currently leased to Kaia, a Greek and Mediterranean restaurant coming soon, and the three-tenant property at 330 Miracle Mile is currently occupied by Gabriella Arango Couture, with two spaces available for immediate occupancy.
“We are pleased to continue to acquire buildings on Miracle Mile as part of Terranova’s long-standing commitment to elevate the city of Coral Gables with dynamic restaurant and retail tenants who bring significant value to the city, its residents and tourists,” Bittel said. “The city’s real estate market is strong and positioned for continued growth, and we will continue to execute on our strategy to acquire assets while we support meaningful community programs that advance a greater good.”