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Terranova Relocates After Two Decades

Terranova, coined from the Latin word “new land,” was Stephen Bittel’s idea of how the company came into existence, intending to have foreign investors capitalize on the opportunities in the United States. It was founded in 1980, with its headquarters on 41st Street in Miami Beach, South Florida.

Terranova is a real estate company that purchased the property for its headquarters location in 2002 at an estimated worth of $4.3 million, later selling the building to Miami-based Fifteen Group for $22 million. It is located along 801 Arthur Godfrey Road on the main Mid-Beach, which connects Miami Beach via Julia Tuttle Causeway. Its main aim was to restore the building and leasing to financial firms, wealth management firms, and family offices.

Stephen Bittel, also the chairman of Terranova with more than four decades of experience in the real estate section, has overseen the growth of Terranova by serving notable clients such as New York Life, Bank of America and Morgan Stanley with more than $5 billion of commercial ventures. He graduated with great distinction from Bowdoin College in 1978 and obtained a law degree from the University of Miami-School of Law in 1982.

Stephen Bittel previously held the board director position for some companies, such as the Jackson Memorial Hospital Foundation, the Chapman partnership, and Miami-Dade Expressway Authority. He has also served as a trustee member for Temple Beth Am, United Way of Miami-Dade, and the Greater Miami Chamber of Commerce.

Terranova’s first twenty years of existence relied on strip malls for its operations. With families moving to suburbs and new developments ongoing, it leads to larger homes being affordable as the demand for services and retailers rise in closer presence.

The company’s portfolio grew significantly by making the most out of the need for nearby grocery stores, pharmacies, strip malls, and purchasing shopping centers in Miami-Dade County.

By relating with other companies like Starbucks, Publix, and Walgreens, Terranova streamlined its operations by acquiring multi-location leases, making business simple, and creating traffic for other businesses. Among the company’s purchases worth $52 million, the price went up in a few years, selling the property more than six times it was bought, making history in South Florida of the most significant property sales.

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