HFF Negotiates $22.8M Sale of Leasehold Interest in Industrial Property Near Miami Airport
MIAMI — HFF has arranged the $22.8 million sale of the leasehold interest in a two-building, 211,852-square-foot industrial property located roughly one mile from Miami International Airport. Manuel de Zárraga, Tracey Goo and Luis Castillo of HFF arranged the transaction on behalf of the seller, iStar Inc., and procured the buyer, the Dayan family from Brazil. Safety, Income & Growth Inc., managed by iStar, will hold the fee-simple land position in its portfolio of ground leases. The property is triple-net-leased for 99 years to LSG Sky Chefs, a company owned by Deutsche Lufthansa AG that provides on-board airline catering services for many of the major airlines operating out of Miami International Airport. The two-story buildings feature refrigerated areas, commercial kitchens, freight elevators, 47 dock-high loading doors and executive offices. A land parcel used as a vehicle maintenance facility was also included in the sale.