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| Tracey Goo |
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| Manuel de Zarraga |
MIAMI,
FL, June 8, 2018 – Holliday
Fenoglio Fowler, L.P. (HFF) announces 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.
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.
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 dominant connection hub for Latin
America.
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.
LSG Sky
Chefs is owned by Deutsche Lufthansa AG. The two, two-story buildings
feature refrigerated areas, large-scale commercial kitchens, freight elevators,
47 dock-high loading doors and executive offices. Also included in the
sale is a land parcel used as a vehicle maintenance facility.
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| Luis Castillo |
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.”
For more information, please contact:
KIMBERLY STEELE
HFF Digital
Content/Public Relations Specialist
(713) 852-3420
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