Two Miami Beach Properties Sell for $49 Million, Doubling Purchase Price
DAILY BUSINESS REVIEW — July 18, 2016 — BY CARLA VIANNA. Sit on an asset long enough and it’ll double in price.
That was the case for two office properties in Miami Beach that fetched $49 million late last week — double the original purchase price twelve years earlier.
Terranova Corp. affiliate Beach Tower LLC sold the office towers at 1674 and 1688 Meridian Ave. for $48.75 million in a deal that closed July 14, the real estate advisory firm announced. The seller pocketed the buildings in 2004 with two transactions totaling $27 million.
