Terranova Secures Nearly 100,000 SF In New Leases In Coral Gables
The lease transactions are valued at more than $56 million.
The lease transactions are valued at more than $56 million.
The deal represents a significant expansion from Terrabank’s previous 27,068-square-foot office on Coral Way.
The property sits on approximately 7.41 acres and is currently configured as a single-tenant office building.
Senior Vice Presidents Juan Mendiola and Federico Tunnerman arranged the loan for Ocean Bank.
The mixed-use building is now fully leased.
Originally acquired in 2021, the campus was repositioned through a multi-year strategy to concentrate tenancy, enhance the office assets and unlock a portion of the site for residential development, enabling two distinct paths for value creation.
The asset was 84.1% leased at the time of the transaction.
The office expansion follows the company’s launch of a commercial real estate investment fund targeting $100 million to acquire and develop early childhood education properties nationwide.
The new loan replaces a $20 million loan provided by Amerant Bank in 2024.
The lease deal was negotiated by Gordon Messinger of CBRE.
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