PepsiCo Site Trades for $55M in Miami
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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