Off-Market Cold Storage Facility In Miami Sells At 40% Gain In Just Over 1 Year

Shane Neman, principal of Miami-based Neman Ventures, represented himself in the sale of 1930 NW 23^rd Street, a cold storage facility located within an opportunity zone in the rapidly transforming Allapattah submarket of Miami. The ±23,500-square-foot, two-story facility sold for $5.3 million.  Neman purchased the asset in June 2018 for $3.85 million. CBRE Senior Vice President Larry Genet represented the buyer, Arkadia Group, in the deal. The sale closed on October 28. The cold storage facility is situated on over 1.1 acres and is one of the few cold storage facilities in the area with direct access to rail, allowing for easy loading and unloading. It features 4,000 square feet of office space, 5 loading docks, 20’ high ceilings, ample parking and excellent visibility. The property is fully occupied under a triple-net lease by former owner, Nickey Gregory Company, a well-established premium produce provider in the southeastern United States.  

“Between the expected long-term growth of the cold storage sector, the asset’s strategic location in the highly sought after Allapattah submarket and the strong in-place tenancy with Nickey Gregory Company, the acquisition will only prove to be an extremely wise investment.” commented Neman.

Allapattah sits immediately east of Miami International Airport, and benefits from access to major roadways including the Dolphin Expressway and Interstate 95.  

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