PepsiCo sold its Miami-Dade County offices and bottling plant for $40.27 million to a joint venture between local developers Terra and Terranova Corp.

The Business Journal reported in July that the beverage company (NYSE: PEP) listed the 23.7-acre site at 7777 N.W. 41st St. in Doral for sale. The listing agents were NAI Global’s Jay Olshonsky, Clifford Moskowitz and Kimberly Kocur, plus NAI Miami’s Gabriel Garcia-Menocal and Lucia Custer.

Terra and Terranova Corp. announced that they had formed 7777 Investment LLC to acquire the property from PepsiCo and sign a lease with the beverage company. While the developers didn’t disclose the length of the lease, they indicated it was not long term, and they plan to redevelop the property for up to 500,000 square feet of commercial space.

“The PepsiCo site offers us a range of options, including pursuing a commercial development strategy on a highly visible, easily accessible property in one of the region’s most in-demand submarkets,” Terra co-founder and President David Martin said. “In addition to the drivers fueling commercial activity in Doral, we have the benefit of a blue-chip tenant like PepsiCo remaining in place.”

Doral officials would be required to approve commercial redevelopment of the PepsiCo. The property currently has a 232,919-square-foot bottling plant from 1964.

The property is just east of Downtown Doral and CityPlace Doral, two mixed-use centers that were created in recent years. It’s just off the Palmetto Expressway/State Road 826, one of the busiest highways in Miami-Dade. Miami International Airport is about 2 miles away.

“A development site of this size and with such a desirable location offers a high degree of long-term flexibility,” Terranova founder and Chairman Stephen Bittel said. “The PepsiCo property could one day be home to a master-planned mixed-use project, an institutional-grade distribution center or even a corporate headquarters.”