Terranova Corporation Relocates Headquarters To 55 Miracle Mile In Coral Gables
55 Miracle Mile
Building Size
—
Asset Type
—
Closing
May 8, 2023
AI
Terranova Corporation, a real estate firm, has relocated its headquarters from Miami Beach to a 5,300-square-foot space at 55 Miracle Mile in Coral Gables. The new location is owned by CGI Merchant Group. Terranova, founded by Stephen Bittel, manages an extensive portfolio on Coral Gables' Miracle Mile and Miami Beach's Lincoln Road, which includes retail buildings and a planned four-story office development at 93 Miracle Mile.
Summary of transaction details
- Property Type: Office
- Transaction Amount: Not specified
- Address: 55 Miracle Mile, Coral Gables
- Market: Coral Gables
The landlord of the leased space at 55 Miracle Mile is CGI Merchant Group, represented by Raoul Thomas. Terranova Corporation, represented by Stephen Bittel, is the tenant in this transaction.
Players
Market CRE Market Snapshot
Boundary boundary · CRE · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93