Terra, Terranova Sell Former PepsiCo Bottling Plant in South Florida for $55M
DORAL, FLA. — Terra and Terranova Corp. have sold a 23.7-acre site in Doral for $55 million, or $2.3 million per acre. The land houses PepsiCo’s former bottling plant, which spans 232,000 square feet. Terra and Terranova, two South Florida investment firms led by David Martin and Stephen Bittel, respectively, initially acquired the site for $40 million in January 2018 and subsequently leased the property back to PepsiCo through July 2020.
The unnamed buyer shares a Santa Monica address with GLP Capital Partners (GCP), an investment firm that specializes in logistics properties.
The former PepsiCo bottling plant is located at 7777 Northwest 41st St. and is situated less than two miles from Miami International Airport. The property is zoned for industrial development and can accommodate up to 500,000 square feet of commercial space.
Terra is a Miami-based real estate development and investment company. Terranova Corp. is a South Florida commercial real estate investment firm.