CORAL GABLES, Fla., July 23, 2021 /PRNewswire/ -- Terranova Corporation Chairman Stephen Bittel today announced the company's $6 million acquisition of 300 Miracle Mile, a prominent building on the busy corner of historic Miracle Mile and Salzedo Street, in Coral Gables, Fla. The acquisition, which brings to 12 the number of Miracle Mile buildings owned by the national real estate services firm, evidences Bittel's long-standing commitment to strengthen downtown Coral Gables and its major retail corridor. The deal, led by Terranova Managing Director Ari Bittel, closed June 29.
The seller, the Mildred Weissel Trust, purchased the 6,000-square-foot property over 70 years ago. The 5,950-square-foot building had been home for years to California Pizza Kitchen, which closed its doors in the wake of the pandemic.
Bittel's plans for the building call for bringing a new, high-profile restaurant tenant to the street, reactivating the central corner destination in the heart of the city's business district. "We are happy to continue to invest in Miracle Mile and bring new activity and opportunities to the downtown Coral Gables business district," Bittel said. "Notably, this includes a variety of new restaurants opening at Terranova buildings, including Cortadito, Sushi Sake, and John Martin's, and many others including Gramercy, Luca Osteria, Zitz Sum, Forte, and Dickey's BBQ Pit. It is great to see these positive economic indicators evidencing that South Florida's commercial real estate market is strong and well-positioned for continued growth."
Added Ari Bittel: "We are proud of Terranova's history of impact on Coral Gables and look forward to continuing to close deals and forge partnerships which bring significant value to the city and everyone who lives, works, and plays there."
Terranova, which purchased its first property on Miracle Mile almost 20 years ago, has a long-standing history of community involvement in Coral Gables. This includes:
Launching "Studios on the Mile," a series of local artist studios which Terranova established at six vacant properties on the street
Sponsoring the inaugural "Illuminate Coral Gables" event
Leading the Coral Gables Business Improvement District Board, with Terranova President Mindy McIlroy serving as Board President in 2015 and 2016 and Terranova Managing Director Ari Bittel currently serving on the board
Partnering with the City of Coral Gables to paint large-scale murals on walls of two Terranova-owned buildings
Supporting the streetscape project, with Stephen Bittel serving on the steering committee
Contributing to the Coral Gables Foundation and the Coral Gables Chamber of Commerce
About Terranova Corporation Terranova Corporation, South Florida's leading commercial real estate firm, is involved with nearly $1 billion in commercial real estate assets for its partners and its own portfolio. Terranova's comprehensive array of services include high street retail, leasing & property management and acquisitions/joint ventures. Services are offered to a select group of partners/clients who count on us to maximize the value of their real estate. More information is available at terranovacorp.com
Editor's Notes: Photographs and interviews are available upon request Media Contact: NewStar Media Rhonda Price email@example.com (561) 371-9407
SOURCE Terranova Corporation Related Links https://terranovacorp.com