Closed! 80,000 sq ft freezer warehouse sold for $13,250,000 or about $165 psf. The property is located at 650 NE 185th Street in Miami, Florida. The seller, Best Freezer Holding, was represented by Edward Redlich, SIOR, CCIM along with the ComReal Miami Industrial Team and Michael Weihl with Sirius Business Advisors. The buyer, Ivy Realty, was represented by Larry Genet with CBRE.

Upon closing, a long term lease transaction was negotiated with a single tenant, True Grade Foods, which now occupies 100% of the building. Some of their business is related to the cruise line industry. Shortly after the property was placed under contract the outbreak of the China virus occurred. The buyer, seller and tenant began to re-question the transaction. However, the brokers were able to provide up-to-date date information on current market conditions as well as keep their respective clients committed to the deal. Redlich has coined the phrase “delayed deals are better than dead deals”.

The property is located just off I95 and is equidistant from PortMiami and Port Everglades. It is a class B building in a class B neighborhood. The freezer systems give the building the higher value. Click here for an Aerial Drone Video. >>>

The Miami cold storage warehouse market has been hot! “People have to eat” as the saying goes so this product type is very popular among investors. Ivy Realty had recently acquired the neighboring 235,000 sq. ft. refrigerated warehouse in Miami at 18770 NE 6 Avenue. And ComReal recently sold the 157,000 sq. ft. Sherwood refrigerated warehouse for $26,000,000. Read more on that story at Realterm Logistics Buys Cold Storage Warehouse in Miami. >>>

The ComReal Miami Industrial Team dominates the cold storage market in Miami. In addition, ComReal is now marketing two (2) other refrigerated warehouses in Miami. The 75,000 sq. ft. Opa Locka Cooler Warehouse is coming available for lease. Visit the Cooler Distribution Warehouse in Miami. They also have a 102,000 sq. ft. refrigerated warehouse in Doral listed for sale. Visit the Americas’ Gateway Park Building in Doral. >>>

ComReal presently represents a frozen food distribution company that seeks to rent from 80,000 to 100,000 sq. ft. of frozen warehouse space in South Florida. Please feel free to contact us anytime if you have a refrigerated warehouse available and/or would like to discuss the current industrial real estate market in Miami. Thank you very much.