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

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.