The Industrial Realty Group, a commercial real estate heavyweight headquartered in California, just took out a $22.8 million loan for three of its Miami warehouses.
The loan, issued by KeyBank National Association, covers the mid-century warehouses at 6960 Northwest 36th Avenue, 6831 Northwest 37th Avenue and 7007 Northwest 37th Avenue. Together, they house about 325,287 square feet of industrial space.
IRG, through an affiliate called Miami Business Park, paid $8.75 million for the three cold-storage buildings in 2013. The purchase came amidst a boom in demand for refrigerated warehouses, a subsection of the industrial market boasting vacancies lower than 5 percent.
That demand, along with South Florida’s strengthening real estate market, pushed IRG’s purchase price 143 percent higher than the $3.6 million Nunez Group International had paid for the properties just three years earlier.
According to the mortgage documents, IRG’s Miami properties secure only a small piece of loan valued at up to $300 million on the company’s national portfolio.
IRG invests and develops industrial real estate throughout the country. Its portfolio includes 120 properties in 28 states with a total of more than 100 million square feet of rentable space, according to the company’s website.