The Real Deal Miami

Cold storage facility sells for a cool $10M in Miami-Dade

The Mandich Group paid about $72 psf for the 133,000 sf facility
By Amanda Rabines | October 10, 2017 11:15AM

501 Northeast 183rd Street, Inset: Hector Cataño and George Smith

A cold storage facility in northern Miami-Dade just traded hands for $9.62 million, according to the firm that brokered the deal.

The Mandich Group, a real estate investment fund, paid about $72 per square foot for the 133,000-square-foot facility at 501 Northeast 183rd Street.

Doral-based Cornerstone International Realty’s Hector Cataño and George Smith represented both sides of the transaction. Records show FLA Plantation Cold Storage sold the property. Previous sale information was not available. It hit the market a year ago for $12 million, Cataño said.

The facility was once fully occupied by Schratter Foods, an importer and distributor of cheeses in the United States. Cataño said after the tenant left, he and his partner Smith marketed the facility to house multiple tenants. It sold about 45 percent leased, according to Cataño. Tenants include KBRAND Marine, he said.

The two-story facility, built in 1953, sits on a 5.6-acre lot, according to records.

Demand for industrial properties is climbing as rents increase across the nation. Rents for U.S. industrial spaces reached $5.35 per square foot in the second quarter of 2017, jumping from $5.25 in the first quarter, according to new data from JLL.

In Miami, booming e-commerce and a growing population also propels the demand for industrial properties. In August, CenterPoint Properties paid $59 million, or about $61 per square foot, for a 961,345-square-foot industrial facility in Opa-locka.