JLL Capital Markets closed the sale-leaseback of a mission-critical cold storage facility totaling 178,428 square feet in Miami.
JLL represented the seller, Quirch Foods, in the sale to an undisclosed third party. Quirch Foods occupies the facility.
The property, which is located on 15 acres at 7600 NW 82nd Place in Miami, has excellent access to Florida’s Turnpike, US-27, and State Road 826 (the Palmetto Expressway), and is proximate to Miami International Airport and the Port of Miami.
The JLL Capital Markets team representing the seller was led by Director Max La Cava, Senior Managing Director Brian Shanfeld, Managing Directors Jason Dewitt and Luis Castillo and Vice President Steven Okon.
“Cold storage industrial remains a heavily in-demand asset class among investors. Moreover, long-term leased product provides investors with attractive yields and surety of cash flow. Despite broader market volatility that occurred over the summer, JLL saw a remarkable level of interest from an array of investors that aggressively pursued the opportunity,” said La Cava. “The transaction achieved the dual-mandate of allowing Quirch Foods to unlock significant capital, while maintaining operational control of two mission-critical distribution centers.”
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