{"id":1004509753,"date":"2021-02-10T04:42:22","date_gmt":"2021-02-10T12:42:22","guid":{"rendered":"http:\/\/internal.cpexecutive.com\/?p=1004509753"},"modified":"2021-05-15T10:05:35","modified_gmt":"2021-05-15T18:05:35","slug":"former-miami-area-pepsico-plant-trades-for-55m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/former-miami-area-pepsico-plant-trades-for-55m\/","title":{"rendered":"PepsiCo Site Trades for $55M in Miami"},"content":{"rendered":"
\"\"<\/a>

7777 N.W. 41st St. Image courtesy of Terra<\/em><\/p><\/div>\n

Terra and Terranova Corp. have just sold the 23.7-acre former PepsiCo regional headquarters and distribution center site in Doral, Fla., three years after having acquired the asset in a $40 million sale-leaseback transaction.<\/p>\n

The companies sold the property to a Santa Monica, Calif.-based entity, cited in Miami-Dade County records as Park 7777 NW 41st Street Owner LLC, for $55 million. Terra and Terranova note that the seller shares the same address with logistics real estate investment firm GLP Capital Partners.<\/p>\n

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READ ALSO<\/strong>: STAG Industrial Boosts Credit Facility Capacity by $250M<\/a><\/p>\n

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Carrying the address of 7777 N.W. 41st St., the PepsiCo site sits just off the Palmetto Expressway at the epicenter of Doral’s vibrant industrial market<\/a>, roughly 2 miles from Miami International Airport. Zoned for industrial development, the property has space for as much as 500,000 square feet of construction. With metropolitan Miami being ripe for new deliveries<\/a>, Terra and Terranova’s plan for the site after the July 2020 expiration of PepsiCo’s leaseback agreement included such proposals as the District 79 mixed-use industrial project; however, the vision never included a short-term hold.<\/p>\n

The Land Has It<\/strong><\/h2>\n
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7777 N.W. 41st St. Image courtesy of Terra<\/p><\/div>\n

The PepsiCo site’s sales price of approximately $2.3 million per acre constitutes a sizeable price tag for industrial real estate in South Florida. Across the U.S., investors placed a premium on land in 2020, and more of the same is on tap for 2021.<\/p>\n

According to a National Association of Realtors survey, in the fourth quarter of 2020, the highest year-over-year increase in property values among all asset types was for land\u20144 percent. Realtors also expect land to outperform all property types in the first quarter of 2021, with an anticipated year-over-year increase in prices of 3 percent.<\/p>\n","protected":false},"excerpt":{"rendered":"

The sale by Terra and Terranova Corp. comes just three years after the companies acquired the asset in a $40 million sale-leaseback deal.<\/p>\n","protected":false},"author":969,"featured_media":1004517816,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21748,21783,1492,21742],"tags":[33822,33572,51014],"class_list":["post-1004509753","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-industrial","category-investment","category-miami","category-latest","tag-glp","tag-national-association-of-realtors","tag-terranova-corporation"],"acf":[],"yoast_head":"\nPepsiCo Site Trades for $55M in Miami - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/former-miami-area-pepsico-plant-trades-for-55m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PepsiCo Site Trades for $55M in Miami\" \/>\n<meta property=\"og:description\" content=\"The sale by Terra and Terranova Corp. comes just three years after the companies acquired the asset in a $40 million sale-leaseback deal.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/former-miami-area-pepsico-plant-trades-for-55m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-02-10T12:42:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-15T18:05:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/7777-N.W.-41st-St.-Doral-Fla.-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/former-miami-area-pepsico-plant-trades-for-55m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/former-miami-area-pepsico-plant-trades-for-55m\/\",\"name\":\"PepsiCo Site Trades for $55M in Miami - 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