Developers have scrapped a plan to create a new retail hub in Doral in the former PepsiCo bottling plant.
Instead, the 1960’s Brutalist style theater and plant will become a warehouse.
GLP Capital Partners (GCP), a Santa Monica-based logistics investment firm, bought the former bottling plant from real estate development firm Terra and commercial real estate property manager Terranova earlier this month for $55 million. The site spans 23.7 acres at 7777 NW 41st St.
Terra and Terranova had announced plans to create a retail-and-warehouse complex, District 79. They declined to comment on the sale.
Plans now call for a pair of warehouses measuring a total 450,000 square feet, according to sources close to GCP. With consumers growing ever-more reliant on e-commerce, developers are racing to create new warehouse space in industrial hubs like Doral.
GCP is “optimistic about the greater Miami area, which relies on population growth and consumption,” said a source close to the firm. GCP has been investing in Miami since 2019. The PepsiCo plant is the firm’s third Miami warehouse, following a $16 million purchase in 2020.
Terra and Terranova acquired the site for $40 million in 2018 from PepsiCo. The company leased the building until July 2020. The firms planned to develop District 79 on the site in 2019. The project included three buildings with retail and warehouse space.
Source: Miami Herald