HFF announces $22.75M leasehold sale of LSG Sky Chefs industrial property near Miami International Airport
MIAMI, FL – June 8, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $22.75 million sale of the leasehold interest in a two-building, 211,852-square-foot, mission-critical warehouse and office property near Miami International Airport.
HFF marketed the property on behalf of the seller, iStar Inc., and procured the buyer, the Dayan family from Brazil. Safety, Income & Growth Inc. (NYSE: SAFE), managed by iStar, will hold the fee-simple land position in its portfolio of ground leases.
Situated on 6.71 acres at 3630 Northwest 25th Street, 3500 Northwest 24th Street and 2401 Northwest 36th Avenue, the property is just east of Miami International Airport, the dominant connection hub for Latin America. The property is triple net leased to LSG Sky Chefs as its mission-critical facility that provides on-board airline catering services for many of the major airlines operating out of Miami International Airport. LSG Sky Chefs is owned by Deutsche Lufthansa AG. The two, two-story buildings feature refrigerated areas, large-scale commercial kitchens, freight elevators, 47 dock-high loading doors and executive offices. Also included in the sale is a land parcel used as a vehicle maintenance facility.
The HFF investment advisory team representing the seller included Manuel de Zárraga, Tracey Goo and Luis Castillo.
“We are pleased to have worked with iStar to execute this leasehold sale and simultaneous execution of a 99-year ground lease and we are excited to continue working with the Dayan family as they build their U.S. portfolio,” Goo said. “This transaction demonstrates an increasing desire by foreign buyers to acquire assets in Miami. We are seeing an impressive amount of interest from global capital looking to make investments here.”
About iStar Inc.
iStar Inc. (NYSE: STAR) finances, invests in and develops real estate and real estate related projects as part of its fully-integrated investment platform. Building on over two decades of experience and more than $35 billion of transactions, iStar brings uncommon capabilities and new ways of thinking to commercial real estate and adapts its investment strategy to changing market conditions. The company is structured as a real estate investment trust (REIT), with a diversified portfolio focused on larger assets located in major metropolitan markets. Additional information on iStar is available on its website at istar.com.
About Safety, Income & Growth Inc.
Safety, Income & Growth Inc. (NYSE: SAFE) is the first publicly traded company that focuses on acquiring, owning, managing and capitalizing ground leases. The company seeks to provide safe, growing income and capital appreciation to shareholders by building a diversified portfolio of high quality ground leases. The company, which is taxed as a real estate investment trust (REIT), is managed by its largest shareholder, iStar Inc. Additional information on SAFE is available on its website at safetyincomegrowth.com.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.