Stephen Bittel with Mark and Ian Sanders of Fifteen Group and the building at 801 Arthur Godfrey Road (Fifteen Group, Terranova)
Terranova Corporation sold its long-standing Miami Beach headquarters 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 as part of an off-market deal, Terranova chairman Stephen Bittel said. 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 firms and financial firms, according to a statement.
Terranova paid $ 4.3 million for the property in December 2002, according to records. The commercial real estate company plans to stay on the top floor for the next year until it finds a new base of around 20,000 square feet, Bittel said. The company will likely stay in Miami Beach or move to Coral Gables.
Florida Dental Benefits, a Terranova company, will be moving with the company. 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 refinancing of its Miracle Mile portfolio in downtown Coral Gables.
A few sales took place along 41st Street, which is a main artery in Mid-Beach that connects Miami Beach to the mainland via the Julia Tuttle Causeway. In 2016, Hyatt Hotels paid more than $ 229 million for Confidante Miami Beach on Collins Avenue and 41st Street. And earlier this year, TRD reported that hotel mogul David Grutman was planning to reopen The Forge at 432 West 41st Street.
Bittel said it was “a good time to be a seller” but said it was difficult to sell Miami Beach property. “This is our home. It has been our home for a long time,” he added.
Fifteen Group “quickly came into play and we made a deal on the prices they felt were too high and we think it was too low,” Bittel said.
Comments are closed.