Stephen Bittel and his commercial real estate corporation have found Miracle Mile as an ideal investment property. They have purchased several properties along the retail street. Therefore, the current purchase, 300 Miracle Mile, is the 12th property they buy along the street and the fourth on the block. Stephen buys these properties and organizes lucrative deals after that. He didn’t reveal his intentions with the latest purchase, but he assured TheRealDeal.com that it would be a significant investment.
300 Miracle Mile has been on Stephen Bittel for a long time. For 15 years, he has been interested in the property, but the owner constantly declines. He sees it as a lucrative spot to invest in. He took over the ownership from the preceding owners, who have been in charge for over 70 years. The previous users of the property were the California Pizza Kitchen. Even when the owners proposed a $6 million for the transaction, Stephen Bittel didn’t hesitate. He got a $3 million loan from Apollo to facilitate the property’s purchase. It is the fourth property he buys in the bloc, after 308, 348, and 360 Miracle Mile. He has a great future with the properties since the 308 Miracle Mile he purchased was leased to the Miami-Dade County Public Library. Such investments stream income to the real estate entrepreneur.
Even though Stephen Bittel has been successful in the real estate industry, he went to college for a law degree. He went to the University Of Miami School Of Law for his law degree. After college, Stephen Bittel worked in different companies to equip him with leadership and entrepreneurial skills. He founded his successful venture, Terranova Corporation, in 1980. Besides this, he has worked in other booming companies like being a trustee member at Greater Miami Chamber of Commerce, Temple Beth Am, and United Way of Miami-Dade.