Terrace Mountain Investors IV has purchased a Coral Gables office property for $11 million. The Texas-based investors is managed by Frank Trabold. The 45,594 square foot two story buildings were built in 1952 and sit on 43,500 square foot site. The seller, Merrick Partners, bought the property in 2005 for $10 million. Listed as a repostion/redevelopment opportunity, the property has a site plan that would allow a 137,000 square foot residential or a retail tower. Trabold is the same developer who demolished the 1515 Tower Condo building in West Palm Beach and submitted plans to build a larger condo.
