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

Property is leased to LSG Sky Chefs

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

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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