The Real Deal Miami

Hellmann Worldwide Logistics sells Doral HQ for $43M

Industrial REIT paid $179 psf for the property, now leased to Hellmann
June 29, 2018 04:00PM

Christian Lee and Chris Riley, Vice Chairmen of CBRE Capital MarketsHellmann and Worldwide Logistics sells Doral HQ

Hellmann Worldwide Logistics just sold its North American headquarters in Doral to Industrial Logistics Properties Trust for $43.1 million.

The industrial real estate investment trust paid about $180 per square foot for the 240,700-square-foot property at 10450 NW 41st Street.

Hellmann Worldwide, which is one of the largest full-service logistics companies in the world, said it sold the building to “maintain the flexibility to react quickly to changing market conditions,” according to a press release. The German company still plans to lease the property for a minimum of 10 years.

CBRE’s Christian Lee, Chris Riley, José Lobón, Devin White and Ned Burns represented Hellmann in the deal. The buyer, Logistics Properties Trust, is a subsidiary of Newton, Massachusetts-based The RMR Group, which is an alternative asset management firm.

Hellmann Worldwide Logistics has owned and occupied the property since 1996. After the building was constructed, Hellmann established its North American headquarters in Miami, and expanded its on-site footprint in 2001 by an additional 96,000 square feet.

The facility has 24-foot clear span heights, 65,700 square feet of freezer and cooler space and 65,900 square feet of two-story office space.

Hellmann also owns a 180,000-square-foot facility in Weston. The company said it plans to be in the market for more warehouse space in the next 12 to 18 months to further expand its operations in the U.S. and Canada, according to a press release.

Overall, Miami-Dade County’s 3.9 percent vacancy rate is one of the lowest among major US markets, according to CBRE.  — Keith Larsen