CBRE Senior Vice Presidents Larry Genet,Tom O’Loughlin and Senior Associate Jake Zebede negotiated the purchase of an ±80,000-square-foot freezer facility located at 650 NE 185th Street in Miami.
Genet led the team in representing the buyer, Ivy Realty, which paid $13,250,000 in the off-market deal. Stuart T. Kapp of Kapp Morrison LLP represent Ivy Realty as legal counsel.
The sale closed on July 6.
The seller, Best Freezer Holdings LLC, was represented by Edward Redlich, SIOR, CCIM, Managing Member of ComReal Miami and Michael Weihl with Sirius Business Brokers.
Upon closing, a long-term lease transaction was negotiated with a single tenant, True Grade Foods, which now occupies 100% of the building.
“Ivy is excited to continue its expansion into the cold storage space and growing its footprint in Southeast Florida,” commented Drew T. DeWitt SVP, Investments Ivy Equities. “We believe in the long-term growth of the cold storage sector, the asset’s strategic location equidistant between Miami and Fort Lauderdale, and the strong in-place tenancy with True Grade Foods.”
“Our team continues to perform for clients even in the toughest of environments. Ivy Realty has demonstrated once again they are talented closers,” added Genet.
“Shortly after the property was placed under contract, the outbreak of the China Virus occurred,” explained Redlich. “The buyer, seller and tenant began to re-question the transaction. However, we were able to provide up-to-date information on current market conditions and kept our respective clients committed to the deal.”
Redlich has coined the phrase “delayed deals are better than dead deals.”
The freezer warehouse is situated on over 3 acres on the CSX Railroad and features all concrete construction, 28’ high ceilings, 12 loading docks, 1 ramp and 2 rail doors. The warehouse is currently fully racked and can hold approximately 7,000 pallet positions.
It is centrally located along the Miami-Dade County and Broward County line, just off I-95 with easy access to Florida’s Turnpike and the Palmetto Expressway (SR826). Port Miami is 15 miles to the south and Port Everglades is 15 miles to the north.