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South Florida

Arkadia buys cold storage warehouse in Allapattah for $5M

It’s in an Opportunity Zone

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.”

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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.

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Allapattah FLIndustrial Real Estate MarketPublic StorageSelf StorageStorage