The Real Deal Miami

Brazil’s Dayan family pays $23M for industrial property near Miami airport

Property is leased to LSG Sky Chefs
June 11, 2018 10:40AM

Renderings of the property at 3630 Northwest 25th Street near the Miami International Airport

One of Brazil’s wealthiest families just paid $22.75 million for the leasehold interest in an industrial property near Miami International Airport.

IStar sold the 212,000-square-foot property at 3630 Northwest 25th Street, 3500 Northwest 24th Street and 2401 Northwest 36th Avenue to the Dayan family, which has a controlling interest in Bazilian-based Banco Daycoval S.A. The family paid about $107 per foot for the leasehold interest, according to a press release.

LSG Sky Chefs has a triple-net lease for the two buildings, which feature refrigerated areas, large-scale commercial kitchens, freight elevators, 47 dock-high loading doors and offices, and a lot used as a vehicle maintenance facility. LSG Sky Chefs, owned by Deutsche Lufthansa AG, provides on-board airline catering services for major airlines out of the Miami airport.

HFF’s Manuel de Zárraga, Tracey Goo and Luis Castillo represented both sides.

Safety, Income & Growth Inc., a publicly traded company focused solely on buying ground leases, will hold the fee-simple land position in its portfolio of ground leases. SAFE is managed by iStar.

A ground lease gives the lessee the right to build on a site or collect rents from the property on site, and separates and defines who owns the land and who owns the building.  – Keith Larsen