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.
PepsiCo put the 23.7-acre site on the market in July with NAI Global and NAI Miami. Any future development would have to be approved by the city of Doral, but Terra and Terranova expect the site could be redeveloped into 500,000 square feet of commercial space, according to a press release. It’s currently zoned industrial.
Stephen Bittel, chairman and founder of Miami Beach-based Terranova, said the property could become a master-planned mixed-use community, a distribution center or a corporate headquarters. It sits next to the Palmetto Expressway and near Miami International Airport and Trump National Doral Miami.
The developers financed the deal with a loan from Palmetto Finance and Investment. They declined to comment further on plans for the property.
Terra, led by co-founder and president David Martin, has been active in Doral, where its projects include the Doral Commons, a retail development, and Modern Doral, a single-family home community. The Miami developer also paid $12.5 million for a parking lot near the PepsiCo facility. There, Martin plans to build a low-density retail project.
Bittel’s company is developing projects off Lincoln Road in Miami Beach, including The Lincoln Eatery, a food hall, and it just completed a new building leased to Anthropologie. Terranova’s portfolio includes more than $1 billion in assets, according to its website.
In November, Bittel stepped down as chairman of the Florida Democratic Party due to reports of inappropriate conduct.
Source: The Real Deal