Arkadia buys cold storage warehouse in Allapattah for $5M

Miami /
Oct.October 29, 2020 10:30 AM
1930 Northwest 23rd Street with (from left) Shane Neman, Richard Kilstock and David Aaron (Getty, Arkadia, Neman Ventures)

1930 Northwest 23rd Street with (from left) Shane Neman, Richard Kilstock and David Aaron (Getty, Arkadia, Neman Ventures)

Arkadia Property Group paid $5.3 million for a cold storage warehouse in Allapattah, leased to Nickey Gregory Co.

Neman Ventures’ principal Shane Neman sold the 23,500-square-foot building at 1930 Northwest 23rd Street. Nickey Gregory, a produce company, has about two years left on its triple-net lease, plus extension options, said Arkadia principal David Aaron.

Arkadia does not plan to redevelop the building, which is within an Opportunity Zone. Aaron said it is looking forward to a “long relationship” with the Atlanta-based produce distributor.

“The core industry of an industrial submarket tends to last until the very end,” Aaron said. “This is where people have traded produce for decades.”

Arkadia, which is also led by investor Richard Kilstock, financed the deal with a $3.3 million loan from Banesco. Noam Kaminetzky of Meridian Capital Group arranged the financing.

Larry Genet of CBRE represented Miami Beach-based Arkadia, and Neman represented himself, according to a press release.

Property records show Neman paid $3.9 million for the Allapattah warehouse in 2018. It sits on a 1.1-acre lot and includes 4,000 square feet of office space, 20-foot ceilings and five loading docks.

A handful of developers have planted their flags in Allapattah, a neighborhood that is west of Wynwood and east of Miami International Airport, including Jorge Pérez, Moishe Mana, Robert Wennet and Lissette Calderon.






    Related Articles

    arrow_forward_ios
    1396 Northwest 36th Street with Integra's Paulo Tavares de Melo and EHDOC's Melanie Ribeiro (Photos via Getty; LinkedIn)

    Integra, partner move forward with $58M senior housing project in Allapattah

    Integra, partner move forward with $58M senior housing project in Allapattah
    Rendering of the project, Richard Paul Richman, Deme Mekras and Elliot Shainberg

    Richman plans senior housing on Allapattah Opportunity Zone property

    Richman plans senior housing on Allapattah Opportunity Zone property
    Bridge Development Partners' Kevin Carroll and an aerial of the property between Northwest 162nd Street and Northwest 102nd Avenue (Bridge Development, Google Maps)

    Bridge and PGIM buy Hialeah property to build spec cold storage facility

    Bridge and PGIM buy Hialeah property to build spec cold storage facility
    Ron Bergeron with 3310 Northwest 24th Street (Credit: Facebook and Google Maps)

    “Alligator Ron” Bergeron sells properties near Miami airport to Prologis

    “Alligator Ron” Bergeron sells properties near Miami airport to Prologis
    Lissette Calderon and a rendering of the site

    Lissette Calderon buys land for third rental project in Allapattah

    Lissette Calderon buys land for third rental project in Allapattah
    200 Northwest 79th Street and Todd Amsdell, president and CEO of Amsdell Companies (Credit: Google Maps)

    Self-storage facility in Little River sells for $7M

    Self-storage facility in Little River sells for $7M
    Cusano’s Italian Bakery at 6806-6814 North State Road 7 (Credit: Google Maps)

    Cusano’s Italian Bakery buys out landlord for $14M

    Cusano’s Italian Bakery buys out landlord for $14M
    South Florida’s industrial market could benefit from the coronavirus pandemic

    A safe bet: South Florida’s industrial market could boom after pandemic

    A safe bet: South Florida’s industrial market could boom after pandemic
    arrow_forward_ios

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

    Loading...