After $55M sale, logistics firm to replace Doral’s PepsiCo plant with new warehouse
Developers have scrapped a plan to create a new retail hub in Doral in the former PepsiCo bottling plant. Instead, the 1960s Brutalist style theater and plant will become a warehouse.
GLP Capital Partners, or GCP, a Santa Monica-based logistics-investment firm, bought the former bottling plant from real-estate-development firm Terra and commercial real-estate property manager Terranova this month for $55 million. The site spans 23.7 acres at 7777 NW 41st St.
Terra and Terranova had announced plans to create a retail-and-warehouse complex, District 79. They declined to comment on the sale.
Plans now call for a pair of warehouses measuring a total of 450,000 square feet, according to sources close to GCP.
With consumers growing ever-more reliant on e-commerce, developers are racing to create new warehouse space in industrial hubs like Doral.
GCP is “optimistic about the greater Miami area, which relies on population growth and consumption,” said a source close to the firm.
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GCP has been investing in Miami since 2019. The PepsiCo plant is the firm’s third Miami warehouse, following a $16 million purchase in 2020.
Terra and Terranova acquired the site for $40 million in 2018 from PepsiCo, which leased the building until July 2020.
This story was originally published February 15, 2021 at 7:00 AM.
