GLP Capital Partners acquires 23.7-acre property from Terra and Terranova Corp.

GLP Capital Partners acquires 23.7-acre property from Terra and Terranova Corp.

The site that was once PepsiCo’s regional headquarters and bottling plant in Doral, Florida, recently changed hands. GLP Capital Partners (GCP) acquired the 23.7-acre property from Terra and Terranova Corp. Terra and Terranova Corp. GCP, a Santa Monica-based logistics investment firm, reportedly paid the real estate development firm and real estate manager $55 million for the industrial property located at 7777 NW 41st St. Here is more on this recent industrial commercial real estate development.

7777 NW 41st Street

According to a recent article, real estate development firm Terra and real estate manager Terranova, the previous owners of the former PepsiCo site located at 7777 Northwest 41st Street, originally planned to develop the property into a retail and warehouse complex called District 79. Terra and Terranova acquired the property site for $40 million in 2018 from PepsiCo. In 2019, the firms discussed plans to develop the District 79 project, which would have included three buildings with retail and warehouse space.

Terra and Terranova reportedly leased the property back to PepsiCo when the joint venture acquired it for a period that ended in July 2020. With the recent sale to GCP for $55 million, the property was sold for a reported $2.3 million per acre.

The new warehouse space at 7777 Northwest 41st Street is anticipated to meet the growing need for industrial e-commerce properties in the area. The PepsiCo site fronts Palmetto Expressway and is zoned for commercial use, and can be developed into 500,000 square feet of commercial space. The property is also located near Miami International Airport. Plans for the site now reportedly include building two warehouses measuring a total of 450,000 square feet.

The PepsiCo property is GCP’s third Miami warehouse acquisition. Before this transaction, the logistics-investment company paid $16 million for another Doral warehouse in July of 2020. GCP also acquired a Doral warehouse in November for $20 million. According to a recent article, the company has been investing in the Miami area since 2019.

The PepsiCo property was reportedly at one time rumored to be a possible site under consideration by legendary soccer player David Beckham and his group of investors for a Major League Soccer stadium. However, the Beckham group ultimately decided to build its stadium on the Melreese Country Club east of Miami International Airport.

In related news, in January, real estate private equity investment managers Blackstone Group and its Revantage corporate services company paid $21 million for approximately 18 acres of land in Doral. According to its website, Revantage North America is a professional corporate services company that embraces ambition and innovation to serve Blackstone’s Real Estate portfolio companies.

At Rabideau Klein, we have extensive experience handling real estate transactions in the Town of Palm Beach, Palm Beach County, and throughout South Florida. David E. Klein, Esq. and Guy Rabideau, Esq. are Florida Bar Board-Certified Real Estate Attorneys with the experience you need to manage all legal aspects of your Palm Beach real estate property transaction.  Contact Rabideau Klein today to discuss your real estate legal needs.

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