A joint venture between Terranova Corp. and BlackRock Realty Advisors purchased a 400,000-square-foot warehouse building in Miami, Fla., the first of several industrial acquisitions planned in the area, the company announced Wednesday.
The venture paid $15 million for the 18-acre property at 7100 NW 32nd Ave., long used for grocery distribution by Associated Grocers.
“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.
Immediate plans for the property include a $2.5 million investment to upgrade both the vacant warehouse and the appearance of the facility.
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.