Stephen Bittel

PepsiCo sells Miami-Dade site to Terra, Terranova for $40M

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SOUTH FLORIDA BUSINESS JOURNAL — January 2, 2018 — BY BRIAN BANDELL PepsiCo sold its Miami-Dade County offices and bottling plant for $40.27 million to a joint venture between local developers Terra and Terranova Corp.

The Business Journal reports in July that the beverage company (NYSE: PEP) listed the 23.7-acre site at 7777 NW 41 St. in Doral for sale. The listing agents were NAI Global’s Jay Olshonsky, Clifford Moskowitz and Kimberly Kocur, plus NAI Miami’s Gabriela Garcia-Menocal and Lucia Custer.

Terra and Terranova Corp. announced that they had formed 7777 Investment LLC to acquire the property from PespsiCo and sign a lease with the beverage company. While the developers didn’t disclose the length of the lease, they indicated it was not long term, and they plan to redevelop the property for up to 500,000 square feet of commercial space.

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Two Miami Beach Properties Sell for $49 Million, Doubling Purchase Price

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DAILY BUSINESS REVIEW — July 18, 2016 — BY CARLA VIANNA. Sit on an asset long enough and it’ll double in price.

That was the case for two office properties in Miami Beach that fetched $49 million late last week — double the original purchase price twelve years earlier.
 

Terranova Corp. affiliate Beach Tower LLC sold the office towers at 1674 and 1688 Meridian Ave. for $48.75 million in a deal that closed July 14, the real estate advisory firm announced. The seller pocketed the buildings in 2004 with two transactions totaling $27 million.

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Two office buildings near Lincoln Road sell for $48.75 million

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MIAMI HERALD — July 15, 2016 — BY CHABELI HERRERA. An affiliate of Miami Beach-based commercial real estate firm Terranova Corp., Beach Tower LLC, has sold two office buildings a block north of Lincoln Road for $48.75 million, furthering the firm’s goal of expanding the promenade to 17th Street.

Ivy MBT Property has purchased the buildings from Beach Tower LLC, which purchased the properties at 1674 and 1688 Meridian Ave. in 2004

Nearby, Terranova is also developing two three-story buildings — at 723 Lincoln Lane and 801 Lincoln Road — into retail projects with Marshalls and Anthropologie as anchor tenants.