The industrial construction boom in Miami-Dade is waning and development of new warehouses will take a dip in 2019, according to the Commercial Industrial Association of South Florida’s Annual Industrial Market Report.
Two Miami developers are quenching their thirst for South Florida land.
A joint venture between Terra and Terranova paid $40.3 million for PepsiCo’s regional headquarters and distribution center in Doral, a spokesperson said. The food-and-beverage giant arranged a sale-leaseback with the buyers, 7777 Investment LLC, for the 232,000-square-foot facility at 7777 Northwest 41st Street.
Fort Lauderdale-based aerospace firm GA Telesis is leasing 96,389 square feet at Miami’s Airport East Distribution Center, according to Cushman & Wakefield, which handled the deal.