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MIAMI-SSR Realty, in conjunction with Terranova Corp. affiliateGables Beach Ltd. and a Madison Marquette affiliate, has purchaseda 10-building real estate portfolio in South Florida for nearly$54.1 million.The seller was Starwood Urban and the deal closedOct. 26. The portfolio consists of two office buildings in MiamiBeach and eight retail buildings in Coral Gables. Gables Beach Ltd.will serve as the managing member of the acquiring entities andwill assume management and leasing duties for the wholeportfolio.The office buildings, at 1674 and 1688 Meridian Ave.,total 118,985 sf. Tenants include Sony, EMI Entertainment, HugoBoss and Mellon Bank. The buildings also have ground-floor retailspace.The retail buildings, located along Miracle Mile, total78,751 sf. They are fully leased to tenants such as Starbucks,Atlanta Bread Co., Saladworks Café, Mia Cucina, Baja Fresh, Relaxthe Back and Radio Shack."As Downtown Coral Gables becomes a24-hour city with hundreds of new residences adding to the intensedaytime population of its many office buildings, we expect tenantsales and rents to grow significantly in the next few years,"Terranova chairman Stephen Bittel says in a statement. According toBittel, the office buildings are excellent assets and theinvestment in the buildings fits with Terranova's outlook for MiamiBeach. The 26-year-old real estate services and investment companyrelocated its headquarters from Miami to Miami Beach this month,taking two floors at 801 Arthur Godfrey Rd., a building it boughttwo years ago. "If there was any doubt about our huge commitment toMiami Beach, we made it clear by voting with our dollars and therelocation of our entire firm," Bittel says.The 10-buildingpurchase from Starwood is the second deal with SSR and Terranova infour months. SSR also paid $13.3 million for the 225,760-sf formerFederal Mogul Corp. industrial building in Weston and retainedTerranova Corp., which represented SSR Realty in its acquisition ofthe property, to lease and manage it, renamed Weston DistributionCenter."We remain incredibly bullish on the strength of the SouthFlorida commercial real estate market," Bittel says. "The unabatedpopulation growth and continued urbanization of our community willinevitably lead to a continued rise in rental rates and values.Both geographically and financially, we have nowhere to go buthigher."