Terranova Buys Out BlackRock’s Share Of 18-Acre Airport Distribution Center
Miami Beach-based Terranova Corp. has bought out BlackRock Realty Advisors’ stake in a distribution warehouse near Miami International Airport for $12.75 million, Miami-Dade County records show.
Tower 32nd Avenue Distribution Center LLC, in the care of BlackRock Realty Advisors, sold the 18-acre property at 7000 Northwest 32nd Avenue in Miami. An LLC managed by Miami Beach-based Terranova Corp. purchased the 456,854-square-foot building. Terranova Chairman Stephen H. Bittel is listed on the buyer and seller’s records. The two firms owned the property as a joint venture.
The buyer also obtained a $10.5 million mortgage for the property. RAIT Partnership LP is the lender. Chris Lentz and Robert Kaplan of Ackman-Ziff Real Estate Group arranged the financing.
Airport East Distribution Center, built in 1955, served as a grocer warehouse before its current configuration for multiple tenant use. The facility was acquired by Terranova and Blackrock in September 2013 and has since undergone $2.5 million in capital improvements.
The buyer also obtained a $10.5 million mortgage for the property. RAIT Partnership LP is the lender. Chris Lentz and Robert Kaplan of Ackman-Ziff Real Estate Group arranged the financing.
Airport East Distribution Center, built in 1955, served as a grocer warehouse before its current configuration for multiple tenant use. The facility was acquired by Terranova and Blackrock in September 2013 and has since undergone $2.5 million in capital improvements.
Source: The Real Deal
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