The Dayan family from Brazil purchased the leasehold interest in a two-building warehouse and office property near Miami International Airport. The 211,852 sq ft buildings sit on a 6.71 acre site and are triple-net leased to LSG Sky Chefs, a provider of on-board airline catering services for many of the major airlines. Just east of Miami International Airport, the properties 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. Holliday Fenoglio Fowler marketed the property on behalf of the seller, iStar Inc., and procured the buyer. Safety, Income & Growth Inc., managed by iStar, will hold the fee-simple land position in its portfolio of ground leases.
“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 US portfolio,” said Tracey Goo of HFF. “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.”
