HFF Negotiates $22.75M Leasehold Sale Of Industrial Property Near Miami International Airport

Jun 11, 2018 No Comments by

Holliday Fenoglio Fowler, L.P. (HFF) announced the $22.75 million sale of the leasehold interest in a two-building, 211,852-square-foot, mission-critical warehouse and office property near Miami International Airport.

Also included in the sale is a land parcel used as a vehicle maintenance facility.

HFF marketed the property on behalf of the seller, iStar Inc., and procured the buyer, the Dayan family from Brazil.  Safety, Income & Growth Inc. (NYSE: SAFE), managed by iStar, will hold the fee-simple land position in its portfolio of ground leases.

Situated on 6.71 acres at 3630 Northwest 25th Street, 3500 Northwest 24th Street and 2401 Northwest 36th Avenue, the property is just east of Miami International Airport.  The property is triple net leased to LSG Sky Chefs as its mission-critical facility that provides on-board airline catering services for many of the major airlines operating out of Miami International Airport.  The two, two-story buildings feature refrigerated areas, large-scale commercial kitchens, freight elevators, 47 dock-high loading doors and executive offices.

The HFF investment advisory team representing the seller included Manuel de Zárraga, Tracey Goo and Luis Castillo.

 

“We are pleased to have worked with iStar to execute this leasehold sale and simultaneous execution of a 99-year ground lease and we are excited to continue working with the Dayan family as they build their U.S. portfolio,” Goo said.  “This transaction demonstrates an increasing desire by foreign buyers to acquire assets in Miami.  We are seeing an impressive amount of interest from global capital looking to make investments here.”

 

 

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Industrial / Flex, Industry News, Miami-Dade County Industrial / Flex, Miami-Dade County Office, NA, Office
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