August 21, 2017 | South Florida Business Journal
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Terra Group acquired a strip of retail properties along Coral Way in Miami and plans to redevelop the site with the addition of self-storage.
Coral Way Storage Investments, led by Terra Group co-founder and President David Martin, acquired the property at 2749, 2761, 2769 and 2811 S.W. 22nd Street from Miami-based 2811 Coral Way LLC, managed by Robert A. Eckstein, Edward Schmidt, Josh Rodstein. A source close to the deal said it was for $4.25 million.
Coral Gables-based Venera Finance & Investment provided a loan of $16.82 million to the buyer. The proceeds would be enough to support a significant amount of construction.
The property currently has 13,572 square feet of retail on 26,250 square feet of land. It was developed between 1946 and 1951.
Martin said the deal is an example of Terra Group diversifying its portfolio.
"Coral Way is coming alive as an in-demand residential and commercial corridor that's perfectly situated between Coral Gables, Coconut Grove and Brickell,” Martin said. "We saw the need for a climate controlled self-storage facility that will serve nearby residents and businesses, especially those who have downsized their homes and offices. A series of shops and restaurants at street-level will cater to the Coral Way area's growing daily population.”
A site plan has yet to be approved by the city.
Terra Group is also building condos and an office building in Coconut Grove. Its other projects include a condo on the north side of Miami Beach, homes in Weston, and shopping centers plus apartments in Pembroke Pines.