Landlord Files Eviction Notice Against 300,000 SF Tenant
California-based REIT Terreno Realty Corp has filed an eviction proceeding against Banah International Group, its tenant on 10th Avenue in Hialeah, for failure to pay December 2012 and January 2013 rent.
Terreno has written off $1.1 million in deferred rent and approximately $0.4 million related to leasing commissions.
Banah moved into its 300,000 square foot headquarters at 215 S.E. 10th Ave in early 2012 after securing $400,000 in tax breaks from the State of Florida and other local economic development departments. Miami-Dade Co. also renamed part of Southeast 10th Avenue after the company – Banah Sweet Way. Ernesto Casal, principal of The Casal Group, formerly Capital Commercial Group, brought the tenant to the table and represented Banah in the transaction.
The sugar producer is owned by an ex-cocaine trafficker, according to miaminewtimes.com, which reported in November 2012 that All-American Containers won a $208,000 judgment against Banah Sugar for failure to pay $184,000 for containers it purchased to package its products. The website also reported that Banah Sugar’s former landlord, as well as its former CEO, a bank, and another vendor had also filed suit against the company.
CRE-sources reported that the 11-year deal, valued at between $15 million and $20 million, was one of top leases signed in 2011.
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[…] is the former headquarters for sugar firm Banah International Group Inc. In February 2013, Terreno filed an eviction notice against the 300,000 square foot tenant, however, in March 2013, U.S. Bankruptcy Judge A. Jay Cristol ruled that Banah could remain at […]