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

Terra and Terranova paid $40M for the site in 2018

Miami /
Feb.February 08, 2021 05:45 PM
From left: GLP Capital Partners’ Alan Yang, David Martin and Stephen Bittel with 7777 Northwest 41st Street in Doral (Google Maps; GLP; Terra)

From left: GLP Capital Partners’ Alan Yang, David Martin and Stephen Bittel with 7777 Northwest 41st Street in Doral (Google Maps; GLP; Terra)

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.






    Related Articles

    arrow_forward_ios
    From left: David Martin, Aby Rosen, Jorge Perez, Barry Sternlicht, Victor Ballestas and Russell Galbut (Getty)
    Developers bet on long-term demand for Class A Miami Beach office space
    Developers bet on long-term demand for Class A Miami Beach office space
    Jorge Pérez with One Park Grove (Getty, Robin Hill)
    Related developer Jorge Pérez buys condo at one of his Miami projects
    Related developer Jorge Pérez buys condo at one of his Miami projects
    David Martin with a rendering of Natura Gardens
    Terra sells piece of northwest Miami-Dade dev site to Butters and Greystar, moves forward with apartment project
    Terra sells piece of northwest Miami-Dade dev site to Butters and Greystar, moves forward with apartment project
    Stephen Schwarzman with the site (Getty, Google Maps)
    Blackstone pays $21M for Doral industrial dev site
    Blackstone pays $21M for Doral industrial dev site
    Axonic's Clayton DeGiacinto and Jonathan Shechtman with 10000 Northwest 45th Terrace, Doral (Google Maps)
    Axonic Properties pays $37M for bulk purchase of Doral condos
    Axonic Properties pays $37M for bulk purchase of Doral condos
    Costco CEO Craig Jelinek and 8300 Park Boulevard, Miami (Costco, Google Maps, iStock)
    Costco sells site near Doral to Trammell Crow for $19M
    Costco sells site near Doral to Trammell Crow for $19M
    Mario Oliva of Banesco USA & 3155 Northwest 77th Avenue, Doral (Banesco, Google Maps)
    Banesco USA pays $12M for new HQ in Doral
    Banesco USA pays $12M for new HQ in Doral
    Masoud Shojaee with rendering of Sanctuary at Doral and pictured with daughter Lilibet Shojaee (Shoma Group)
    Trusts benefitting Masoud Shojaee’s daughters sue to access his company’s financial records
    Trusts benefitting Masoud Shojaee’s daughters sue to access his company’s financial records
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...