MIAMI, FL – February 8, 2021 – Three years after purchasing PepsiCo’s regional headquarters and distribution facility in Doral, Florida, Terra and Terranova Corporation, led by David Martin and Stephen Bittel respectively, have sold the 23.7 acre site for $55 million. Terra and Terranova initially acquired the site for $40 million in January 2018 and subsequently leased the property back to PepsiCo through July of 2020. The transaction, which represents a price of $2.3 million per acre of land, marks a top price for industrial real estate in South Florida.
The buyer shares a Santa Monica address with GLP Capital
Partners, or GCP, an investment firm that specializes in logistics properties.
The company is led by Alan Yang, the former chief investment officer of
Singaporean global investment manager GLP.
The sale coincides with South Florida’s emergence as one of
the country’s top-performing industrial real estate markets. The market has
been fueled in large part by the growth of e-commerce, with more than 2 million
square feet of space leased by e-commerce companies in 2020.
Located at 7777 Northwest 41st Street, the 23.7 acre site benefits from proximity to the South Florida region’s major expressways, offers direct frontage along the Palmetto Expressway, is located less than two miles from Miami International Airport, and is a short drive from some of Miami-Dade County’s largest and most in-demand residential and commercial submarkets. The property is zoned for industrial development and can accommodate up to 500,000 square feet of commercial space.
###
About Terranova:
Terranova Corporation, South Florida’s leading commercial
real estate investment firm for over 40 years, currently is involved with
commercial real estate assets for its clients and its own portfolio valued at
more than $1 billion. Learn more at www.terranovacorp.com.
Terra & Terranova Sell Former PepsiCo Bottling Plant in Doral, Florida for $55 Million
/in Acquisitions, Press releasesMIAMI, FL – February 8, 2021 – Three years after purchasing PepsiCo’s regional headquarters and distribution facility in Doral, Florida, Terra and Terranova Corporation, led by David Martin and Stephen Bittel respectively, have sold the 23.7 acre site for $55 million. Terra and Terranova initially acquired the site for $40 million in January 2018 and subsequently leased the property back to PepsiCo through July of 2020. The transaction, which represents a price of $2.3 million per acre of land, marks a top price for industrial real estate in South Florida.
The buyer shares a Santa Monica address with GLP Capital Partners, or GCP, an investment firm that specializes in logistics properties. The company is led by Alan Yang, the former chief investment officer of Singaporean global investment manager GLP.
The sale coincides with South Florida’s emergence as one of the country’s top-performing industrial real estate markets. The market has been fueled in large part by the growth of e-commerce, with more than 2 million square feet of space leased by e-commerce companies in 2020.
Located at 7777 Northwest 41st Street, the 23.7 acre site benefits from proximity to the South Florida region’s major expressways, offers direct frontage along the Palmetto Expressway, is located less than two miles from Miami International Airport, and is a short drive from some of Miami-Dade County’s largest and most in-demand residential and commercial submarkets. The property is zoned for industrial development and can accommodate up to 500,000 square feet of commercial space.
###
About Terranova:
Terranova Corporation, South Florida’s leading commercial real estate investment firm for over 40 years, currently is involved with commercial real estate assets for its clients and its own portfolio valued at more than $1 billion. Learn more at www.terranovacorp.com.
Terra, Terranova sell 24-acre property in Doral for $55M
/in Acquisitions, In the newsTHE 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.
CLICK HERE FOR THE FULL ARTICLE
Former PepsiCo plant in Doral sells for $55M
/in In the newsSOUTH FLORIDA BUSINESS JOURNAL — FEBRUARY 8, 2021 — BY BRIAN BANDELL The former PepsiCo bottling plant in Doral is slated for redevelopment after being sold for $55 million.
Miami-based Terra and Miami Beach-based Terranova, through their interest in 7777 Investment LLC, sold the 23.7-acre site at 7777 N.W. 41st St. to an affiliate of GLP Capital Partners, an industrial developer led by Alan Yang in Santa Monica, California.
Terra and Terranova, led by David Martin and Stephen Bittel, respectively, purchased the property from PepsiCo in 2018 for $40.27 million, so they sold it for a gain. They leased it back to the beverage company, but that lease expired in July 2020.
CLICK HERE FOR THE FULL ARTICLE