Terranova buys out BlackRock’s share of 18-acre airport distribution center

Joint venture acquired property in 2013 and invested $2.5M in improvements

Nov.November 02, 2015 12:45 PM

Miami Beach-based Terranova Corp. has bought out BlackRock Realty Advisors’ stake in a distribution warehouse near Miami International Airport for $12.75 million, Miami-Dade County records show.

Tower 32nd Avenue Distribution Center LLC, in the care of BlackRock Realty Advisors, sold the 18-acre property at 7000 Northwest 32nd Avenue in Miami. An LLC managed by Miami Beach-based Terranova Corp. purchased the 456,854-square-foot building. Terranova Chairman Stephen H. Bittel is listed on the buyer and seller’s records. The two firms owned the property as a joint venture.

The buyer also obtained a $10.5 million mortgage for the property. RAIT Partnership LP is the lender. Chris Lentz and Robert Kaplan of Ackman-Ziff Real Estate Group arranged the financing.

Airport East Distribution Center, built in 1955, served as a grocer warehouse before its current configuration for multiple tenant use. The facility was acquired by Terranova and Blackrock in September 2013 and has since undergone $2.5 million in capital improvements.

Terranova is a commercial real estate firm that provides asset and property management, leasing, tenant representation, dispositions, financing, construction management and development. The company is active in Miami Beach, Coral Gables and Palm Beach County. It’s currently developing two new three-story buildings near Meridian Avenue in Miami Beach, geared toward the expansion of the Lincoln Road shopping district.

BlackRock is the world’s largest asset manager, which provides guidance to individuals, financial professionals and institutions. The company sold two Weston office parks in August for $47 million.

Bittel could not immediately be reached for comment.

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