In the midst of the current pandemic, cold storage buildings totaling 157,000 square feet at 12401, 12701, 12725 NW 38 Ave. on 12.5 Acres in Opa-Locka, Florida have sold for $26,000,000. Stephen M. Greene, seller, held the single member LLCs of the parcels. The buyer was Realterm Logistics. In 1966, Don Greene and son Stephen Greene formed Don Greene Provisions with the purchase of local poultry distributor and its 3,000 square foot building and grew. In 1983, the company acquired land and developed phase one with 71,000 SF of buildings, and in 2005 expanded a second phase totaling 82,000 SF. The property includes 2 acres of vacant land and is rail served with gated entry security. The property is strategically located among major transportation nodes, Port of Miami and Port Everglades and South Florida population centers.
“In the past the food storage specialty sub-sector was dominated by build-to-suit development for owner/occupiers. As e-commerce grows and evolves with major grocers, food storage is becoming a special asset class providing industrial investors and REITS focusing on cold storage” states John Lonardo, CCIM. The purchaser, Realterm Logistics, is an institutional owner of logistics facilities that serves the transportation industry. Based in Annapolis, MD, they own and manage facilities across the world. The Opa-Locka buildings have been 100% leased to Harvest Sherwood Food Distributors for the past 10 years and recently exercised a renewal option.
“We are excited to add this property to our portfolio. The combination of dock high loading and coverage make the property extremely unique for the market and one we think will benefit from the increased industrial distribution demand,” stated Realterm’s Tyler Mordas, VP of Acquisitions.
Realterm has acquired two industrial facilities in Miami-Dade over the last 90 days, totaling $30,000,000. “While some are hesitant to allocate equity during this pandemic, Realterm has sought out specific assets and been successful at closing, creating a win-win for the seller and Realterm” says Chris Spear, Partner at ComReal | Miami-Doral, LLC, who represented Realterm. “Cold storage has become a niche market and is in high demand, as the need for localized cold storage facilities has increased. Many institutional buyers like the idea of owning cold storage, but because it is a niche sector, few are willing to step into that arena.”
John Lonardo, CCIM of ComReal | Miami-Coral Gables, LLC represented the Seller and Chris Spear, CCIM of ComReal | Miami-Doral, LLC represented the buyer in the off-market transaction.