Ivy Realty snags industrial freezer in Miami for $13M

The property sold for $165 psf

Miami /
Jul.July 08, 2020 05:30 PM
Ivy Realty CEO Anthony P. DiTommaso, Jr., and 650 Northeast 185th Street (Credit: Google Maps)

Ivy Realty CEO Anthony P. DiTommaso, Jr., and 650 Northeast 185th Street (Credit: Google Maps)

Ivy Realty snagged an 80,000-square-foot industrial freezer facility in north Miami-Dade County for $13.25 million.

Montvale, New Jersey-based Ivy Realty bought the property at 650 Northeast 185th Street in Miami for $165 per square foot, according to a press release. The seller, Best Freezer Holdings LLC, is tied to Clement Zanzuri of Miami.

The property is 100 percent occupied by True Grade Foods. The facility last sold for $2.7 million in 2007, records show. It was built in 1974.

CBRE’s Larry Genet, Tom O’Loughlin and Jake Zebede represented the buyer in the deal. Edward Redlich of ComReal Miami and Michael Weihl with Sirius Business Brokers represented the seller.

The warehouse sits on over 3 acres along the CSX Railroad. It has 28-foot high ceilings, 12 loading docks, one ramp and two rail doors. The warehouse can hold about 7,000 pallet positions, according to the release. It is off I-95 with close access to the Florida Turnpike and the Palmetto Expressway.

South Florida’s industrial market has remained strong despite the pandemic, which has caused other asset buyers to hold off on deals. Demand for e-commerce has skyrocketed, and institutional buyers are still targeting South Florida to buy warehouses for last-mile distribution sites.

In the second quarter, the industrial vacancy rate for Miami-Dade County was 5.3 percent, up from 4.1 percent in the second quarter of 2019, according to a recent report from Colliers International South Florida. Over 1.5 million square feet of industrial space was completed in the second quarter, according to the report.


Related Articles

arrow_forward_ios
6950 Northwest 77 Court in Miami-Dade County and Ivy Realty’s Drew DeWitt (Google, Ivy Realty)
Ivy Realty buys Miami-Dade warehouse with cold storage for $26M
Ivy Realty buys Miami-Dade warehouse with cold storage for $26M
Valerio Spinaci and 1506 Collins Avenue (Google Maps)
Triarch buys Dania Beach industrial property for $10M
Triarch buys Dania Beach industrial property for $10M
Mauro Libi and 7300 Northwest 35th Terrace (Mauro Libi/Wikipedia, Google Maps)
Venezuelan food mogul nabs Miami warehouse for $8M
Venezuelan food mogul nabs Miami warehouse for $8M
Ryan Companies CEO Brian Murray and CFO Lisa Kro with 13241 Southwest 136th Street (Google Maps)
Ryan Cos. buys Kendall site, scores $28M construction loan for e-commerce warehouse
Ryan Cos. buys Kendall site, scores $28M construction loan for e-commerce warehouse
An aerial of the property with Avra Jain and Terra's David Martin
David Martin, Avra Jain, Joe Del Vecchio sell Miami industrial dev site for $8M
David Martin, Avra Jain, Joe Del Vecchio sell Miami industrial dev site for $8M
5553 Anglers Avenue, 550 Building, MiamiCentral and East Port Center. (Berger Commercial Realty)
Lease roundup: Berger Commercial Realty finds new HQ & more
Lease roundup: Berger Commercial Realty finds new HQ & more
From left: Tom Brady and Gisele Bündchen; Pharrell Williams; Sylvester Stallone and Jennifer Flavin; Jared Kushner and Ivanka Trump (Getty, iStock)
South Florida’s biggest real estate stories of 2020
South Florida’s biggest real estate stories of 2020
Renderings of Motorsport Network, CocoWalk and the Prologis building
Lease roundup: Motorsport Network to relocate to Magic City and more
Lease roundup: Motorsport Network to relocate to Magic City and more
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...