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Southeast Food Distribution sells cold storage industrial site for $19M
The sale equates to about $80 psf
A division of Southeast Food Distribution just sold a cold storage industrial site in North Miami for $18.7 million.
Southeast Frozen Foods Company sold the 234,739-square-foot facility at 18770 Northeast 6th Avenue for about $80 per square foot to 18770 MIAMI LLC, property records show. 18770 MIAMI LLC is led by Michael Herman, corporate records show.
Edward J. Redlich of ComReal who represented the seller in the transaction, said the buyer is tied to Premium Capital in New York.
Southeast Food Distribution leased back a significant portion of the warehouse with a long-term lease, according to Redlich.
The property is just off of I-95 and the Florida Turnpike in north Miami. It was built in 1968. The building has 157,794 square feet of freezer space and more than 32 docks, according to Loopnet.
Southeast Food Distribution supplies independent and regional supermarket chains in 22 states and the District of Columbia, and exports to the Caribbean, Central and South America.
The company’s headquarters are in Miramar. It also has locations in Columbia, South Carolina; Richmond, Virginia; New Orleans; Cordele, Georgia; and two locations in Florida: North Miami and Medley, according to its website.
A call and email to the company’s Miami office were not immediately returned.
Miami’s industrial market is continuing to fare well thanks to a lack of available land and increasing interest from institutional investors. In Miami-Dade County, vacancy rates fell to 3.8 percent in the third quarter from 4 percent on a year-over-year basis, according to a report by Colliers International South Florida.