Feature Story

Terranova Corporation Expands Its Presence in Southwest Florida
By Elizabeth W. Pearce

To Beth Azor, passion for one’s profession is just as critical to success as professional expertise and comprehensive market knowledge.
Idealistic? Maybe. Realistic? Absolutely.
Azor is the president of Terranova Corporation in Miami, the largest commercial real estate advisory and property management firm based in Florida. Since its establishment in 1980, the company has amassed a commercial real estate portfolio of nearly eight million sf throughout the state, including properties in Southwest Florida. It also boasts a rapidly-growing list of loyal clients.
“Our clients tell us they appreciate the way we treat their properties Ñ as if they were our own,” said Azor. “Well, it’s true. We have a lot of passion for what we do.”
Terranova was founded by Stephen Bittel, while he was attending law school at the University of Miami. Gradually, he transformed the one-man, home-based venture into a leading commercial real estate services provider. Today, the company employs a staff of 75 and continues to build momentum in an industry crowded with commercial competitors.
“We’ve probably grown about 25% per year in the last three years,” said Azor, who has been with Terranova for 15 years and became president of Terranova in 1998.
Although leasing and management comprise the bulk of Terranova’s business, the company offers a number of other commercial services, including:
- Asset Dispositions
- Financing
- Tenant Representation
- Construction/Facilities Management
- Bankruptcy Consulting
- Research/Due Diligence
Over the years, Terranova has built an excellent reputation for turning troubled retail, office and industrial space into successful, profitable properties. Typically, the company repositions failing properties through renovation or redesign before identifying, and leasing to, an appropriate mix of tenants.
With an annual construction management volume nearing $20 million, Terranova has transformed more than 100 million sf of office and retail space, mainly in Dade, Broward and Palm Beach counties. Among the many honors for its work in recent years: the South Florida Business Journal’s Renovation of the Year Award for the $5 million redevelopment of Number One Marketplace (which almost tripled in value after Terranova worked its magic), and the National Association of Industrial and Office Properties’ Office Renovation of the Year award for renovating the 20-story 1200 Brickell Office Building. Both properties are in Miami.
Awards aside, the biggest winners are the owners of the properties that Terranova markets, manages and maintains. For example, under the firm’s management, occupancy at Miami’s 350,000sf Biscayne Plaza jumped from 40% to more than 95%, while increasing income 500%.
To date, most of Terranova’s activity has been confined to Florida’s southeast coast. However, that is beginning to change, particularly as opportunites for growth on the east coast are becoming scarce.
“Our clients have been a big part of dictating where we go,” said Azor. “They tend to take us with them when they go to new markets, rather than work with someone else.”
It was an existing relationship with Faison and Associates, LLC, that prompted Terranova to make its market debut in Naples last year. Based in North Carolina, Faison is a real estate holding firm and pension fund advisor that owns or manages upwards of $1.5 billion worth of commercial properties throughout states in the Southeast and Mid-Atlantic. The firm is known for identifying well-positioned properties that have been neglected or need updating in order to maximize their leasing potential.
Such was the case at the Pelican Bay Executive Center, where Faison owns and manages the HMA Building and First Union Financial Center (recently renamed Wachovia Financial Center) on behalf of a pension fund. The two, six-story buildings encompass a total of almost 200,000sf, with most offices ranging from 300 to 1,000sf.
Last summer, Terranova was brought in to lease and manage the two buildings, which included overseeing approximately $750,000 worth of capital improvements. In addition to the Pelican Bay properties, Terranova leases and manages approximately 200,000sf of retail space in Englewood (Olde Village at Englewood) and Tampa (The Shoppes of Citrus Park).
By year’s end, the company had established a Naples office (see box) to serve the growing client base it hopes to continue cultivating throughout the west-coast market. According to Azor, having qualified personnel in proximity to its managed properties is preferrable to using staff from outside the market.
“Now I can say without hesitation that we work from Tampa and Orlando south,” she said. “We’re no longer limited to the east side of the state.”
Jeff Witek, a senior asset manager for Faison, agrees that local management is important to out-of-state property owners. He further notes that Terranova’s hands-on approach and “owner mentality” distinguish it from other management companies.
“Their team visits the property on a regular basis, checks in with the tenants on a regular basis and stays in touch with us. Their entire group, all the way up to the president, knows what’s going on at the property and can talk intelligently about it with me.”
Witek said that while Terranova may not have signed the current tenants at Faison’s Naples properties, they get much of the credit for retaining them. “Terranova is very conscientious when it comes to tenant relations,” he said. “Whether they’re discussing an issue or collecting the rent, they prefer meeting with the tenants in person rather than through the mail. That’s quite a contrast with most management companies that can’t even remember which property is yours.”
Azor says Terranova goes the extra mile for its clients, particularly when it comes to rental rates. “We work diligently to ensure that lease rates are commensurate with market value. That may not always result in the fastest transaction, but in the end, it’s a higher rent, so the client wins.”
Terranova’s future looks bright on both Florida coasts. In addition to its existing leasing and management responsibilities, the company is committed to completing more than $10 million in retail redevelopment within the next two years. More significantly, Terranova is actively exploring opportunities to strengthen its portfolio in Lee and Collier counties.
“A lot of people operate their own real estate and don’t look for outside managers, so we have a challenging road ahead of us,” said Azor. “But because we’re in it for the long haul, it’s not something that we have to do overnight. One at a time is fine with us. That’s how we like to grow anyway.” -

Terranova’s Southwest Florida Team
-Chris Gonnering, Leasing Agent. Born and raised in Naples, Gonnering earned her MBA from the University of Central Florida in Orlando. After graduation, she returned to Naples to work as an office/retail leasing specialist for a local real estate firm. Before affiliating with Terranova late last year, she was employed as director of membership for the Naples Chamber of Commerce.
-Rebecca McPherson, Property Manager. For the past 10 years, McPherson has worked in the real estate industry as a professional property manager, most recently for Faison. Prior to launching her professional career, the Michigan native attended the University of Central Florida. She has extensive experience in both residential and commercial property management.

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