Real estate venture plans big buys
The real estate investment and advisory firms Terra Nova Corp. of Miami Beach and BlackRock Realty Advisors of New York have purchased a 400,000-square-foot Miami warehouse for $15 million and are reportedly planning several industrial acquisitions in the area, according to a report in the South Florida Business Journal.
The Miami property is the former Associated Grocers' distribution center at 7100 N.W. 32nd Ave, located next to the Federated Department Stores DC.
“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,” Terra Nova chairman Stephen H. Bittel said. “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.'