Miami warehouse leased to Southeast Frozen Foods sells for $31M

18770 Northeast Sixth Avenue

Ivy Realty paid $30.5 million for a cold storage facility leased to Southeast Frozen Foods, amid the coronavirus pandemic.

Ivy Realty, a Greenwich, Connecticut-based investment, development and management company, closed on the warehouse on Friday. It is at 18770 Northeast Sixth Avenue in unincorporated Miami-Dade County, between Miami Gardens and North Miami Beach.

Property records show 18770 Miami LLC, led by Michael Herman, sold the 234,739-square-foot building. The deal breaks down to about $130 per square foot.

Melissa Rose and Christopher Gathman of Ackman-Ziff arranged a $22.9 million loan for Ivy. An undisclosed insurance company is providing the high-leverage, non-recourse financing, according to a release.

Southeast Frozen Foods, a top distributor of frozen and refrigerated food products in the Southeast, leases the cold storage facility. The company’s distribution network includes Florida, Georgia, North and South Carolina, and states all the way up to Maine, according to its website.

The length of Southeast Frozen Foods’ lease is undisclosed.

Grocery stores are in high demand right now due to the outbreak of Covid-19. While non-essential retail has been ordered to shut down throughout South Florida, including restaurant dining rooms, grocery stores are allowed to remain open.

The Southeast Frozen Foods facility is west of I-95 and north of Miami Gardens Drive, in between Fort Lauderdale-Hollywood International Airport and Miami International Airport. The warehouse last sold in 2018 for $18.8 million.

Ivy Realty has acquired more than $2.2 billion in assets and has a commercial real estate portfolio of more than 6 million square feet, according to the release.

In January, the company sold an office building in the Blue Lagoon office park near Miami International Airport for $30.2 million.

The post Miami warehouse leased to Southeast Frozen Foods sells for $31M appeared first on The Real Deal Miami.

from The Real Deal Miami & Miami Florida Real Estate & Housing News | & Curbed Miami - All https://therealdeal.com/miami/2020/03/30/miami-warehouse-leased-to-southeast-frozen-foods-sells-for-31m/
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