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

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February 9, 2021
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As reported in The Real Deal.

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.

GLP Capital Partners, led by Alan Yang, former chief investment officer of Singaporean global investment manager GLP, also bought a separate warehouse in Doral in November for $20 million.

The PepsiCo property was previously rumored to be one of the sites David Beckham and his group of investors were eyeing for their Major League Soccer stadium, but the Beckham group is planning to build its stadium on the Melreese Country Club east of Miami International Airport.

Last month, Blackstone Group and its Revantage corporate services company paid $21 million for about 18 acres of land in Doral, a deal that broke down to about $1.2 million per acre.