Photo By J. Patrick Fischer – Own work, CC BY-SA 3.0, https://commons.wikimedia.org/w/index.php?curid=20006218
One of Brazil’s wealthiest families just paid $22.75 million for the leasehold interest in an industrial property near Miami International Airport.
IStar sold the 212,000-square-foot property at 3630 Northwest 25th Street, 3500 Northwest 24th Street and 2401 Northwest 36th Avenue to the Dayan family, which has a controlling interest in Bazilian-based Banco Daycoval S.A. The family paid about $107 per foot for the leasehold interest, according to a press release.
LSG Sky Chefs has a triple-net lease for the two buildings, which feature refrigerated areas, large-scale commercial kitchens, freight elevators, 47 dock-high loading doors and offices, and a lot used as a vehicle maintenance facility. LSG Sky Chefs, owned by Deutsche Lufthansa AG, provides on-board airline catering services for major airlines out of the Miami airport.
HFF’s Manuel de Zárraga, Tracey Goo and Luis Castillo represented both sides.
Safety, Income & Growth Inc., a publicly-traded company focused solely on buying ground leases, will hold the fee-simple land position in its portfolio of ground leases. SAFE is managed by iStar.
A ground lease gives the lessee the right to build on a site or collect rents from the property on site, and separates and defines who owns the land and who owns the building.