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