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55 Miracle Mile

Terranova Corporation Relocates Headquarters To 55 Miracle Mile In Coral Gables
SOLD

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

Raoul Thomas

CGI Merchant Group

Landlord

$533.9M

vol

4 deals

Landlord

Stephen Bittel

Terranova Corporation

Tenant

$326.6M

vol

11 deals

Tenant

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