Current media coverage and upcoming developments hand-picked from the industry.

Fairchild Botanical Gardens Unveils New Exhibit on Lincoln Road

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INSIDE SOUTH FLORIDA — MARCH 10, 2021 — BY MIRIAM TAPIA
Renowned for its world-class collection of tropical plants, the Fairchild Tropical Botanic Garden has teamed up with the Lincoln Road BID to unveil its newest exhibition.

The Fairchild Gardens on Lincoln Road celebrates plant life along Lincoln Road’s eight-block pedestrian promenade.

The collaboration between Miami Beach and Fairchild has been blossoming for the past several years but now Lincoln Road is being reimagined as a botanic garden.

“This is a very new way of looking at these existing landscapes transforming and showcasing the unique aura of those areas,” says Jason Downing, Orchid Biologist, Fairchild Tropical Garden.

Some of the plants you can expect at the installation are Orchids.

“We have installed a lot of Orchids in addition to highlighting a number of other plants, trees and palms of course. But Orchids are symbols of the tropics in many cases. We’re one of the few places in the continental U.S. where orchids grow on trees, they naturally occur here. So the program is a conservation-based program where we work with students and the general public to help reintroduce these lost orchids back into our landscapes,” states Downing.

Visitors can scan the 120 QR-coded signs that are on the plants that way guests can be virtually guided with pictures and videos and know more information about each plant curated by Fairchild’s scientists.

Ultimately, the Lincoln Road BID wants locals and tourist to appreciate our local landscape with this installation.

“The hope is that people can come and see these great plants and do something on their own residences to help our landscapes as well. Because every time we do these trees produce more oxygen and we take a shot at global warming and rising seas and we do things that are good for our environment at the same time we enjoy it,” said Stephen Bittel, Chairman of Terranova Corporation.

The Fairchild Gardens on Lincoln Road is now open and begins on Lincoln Road’s 700 block.

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PepsiCo Site Trades for $55M in Miami

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COMMERCIAL PROPERTY EXECUTIVE — FEBRUARY 10, 2021 — BY BARBRA MURRAY Terra and Terranova Corp. have just sold the 23.7-acre former PepsiCo regional headquarters and distribution center site in Doral, Fla., three years after having acquired the asset in a $40 million sale-leaseback transaction.

The companies sold the property to a Santa Monica, Calif.-based entity, cited in Miami-Dade County records as Park 7777 NW 41st Street Owner LLC, for $55 million. Terra and Terranova note that the seller shares the same address with logistics real estate investment firm GLP Capital Partners.

Carrying the address of 7777 N.W. 41st St., the PepsiCo site sits just off the Palmetto Expressway at the epicenter of Doral’s vibrant industrial market, roughly 2 miles from Miami International Airport. Zoned for industrial development, the property has space for as much as 500,000 square feet of construction. With metropolitan Miami being ripe for new deliveries, Terra and Terranova’s plan for the site after the July 2020 expiration of PepsiCo’s leaseback agreement included such proposals as the District 79 mixed-use industrial project; however, the vision never included a short-term hold.

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Terra, Terranova sell 24-acre property in Doral for $55M

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THE REAL DEAL — FEBRUARY 8, 2021 — BY KATHERINE KALLERGIS Terra and Terranova Corp. sold a nearly 24-acre development site in Doral to logistics real estate investment firm GLP Capital Partners for $55 million.

The two firms planned to develop the property, home to PepsiCo’s former regional headquarters and bottling plant, into an industrial and retail development. Terra and Terranova had purchased the property, at 7777 Northwest 41st Street, for $40 million in 2018.

Terra and Terranova leased the property back to PepsiCo when the joint venture acquired it for a period that ended in July, according to a press release.

It just sold for $2.3 million per acre. The site fronts the Palmetto Expressway and is near Miami International Airport. It’s zoned for industrial development and can be developed into 500,000 square feet of commercial space.

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