MIAMI BEACH, FL -- Terranova Corporation announced today the acquisition of a 400,000 square foot warehouse building in Miami, Fla., the first of several industrial acquisitions planned in the area.
A venture between Terranova and BlackRock Realty Advisors paid $15 million for the 18-acre property at 7100 NW 32nd Ave., long used for grocery distribution by Associated Grocers. The site is next to Federated Department Stores' logistics facility and a few blocks from a planned 200,000 square foot new Wal-Mart Supercenter.
"This site is ideally located between Miami International Airport, the Opa Locka Airport and the Port of Miami, a location that will enable users to serve cargo transit at all three facilities and avoid the intense traffic west of the airport," said Terranova chairman Stephen H. Bittel. "Our purchase price of $15 million is well below replacement cost, and will allow us to participate in the increase in values ahead, as the surrounding area continues to improve. Some might consider this buy pioneering, we just consider it smart."
Immediate plans for the property include a $2.5 million investment to upgrade both the vacant warehouse and the appearance of the facility.
The deal marks the first of several industrial acquisitions planned for this area by the venture between Terranova and BlackRock Realty Advisors, a team that has come together in several previous deals totaling almost $200 million. Previous deals by Terranova and BlackRock Realty Advisors include the Weston Distribution Center in Weston, Fla., which was sold earlier this year; a 10-building retail and office portfolio in Miami Beach and Coral Gables, Fla., now under Terranova management; and the Westfork Plaza Shopping Center in Pembroke Pines, Fla., also under Terranova management.
Terranova Corporation, South Florida's leading commercial real estate advisory firm, currently is involved with commercial real estate assets for its clients and it's own portfolio valued over $1.5 billion. The company offers complete commercial real estate services, including asset and property management, leasing, tenant representation, acquisitions dispositions, financing, construction management and development services.
FOR INFORMATION CONTACT:
Karen LaFleur, Marketing/PR Manager
TERRANOVA CORPORATION
305-779-8908
klafleur@terranovacorp.com
Source: Terranova Corporation
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CONTACT: Karen LaFleur, Marketing-PR Manager of Terranova Corporation,
+1-305-779-8908, or klafleur@terranovacorp.com
Web site: http://www.terranovacorp.com/
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