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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.

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