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.
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.