Cold storage facility in Miami, FL changes hands
JLL Capital Markets led the sale and financing efforts for a 78K SF industrial facility located at 2323 Northwest 72nd Ave.
MIAMI, Feb. 18, 2025 – JLL Capital Markets announced today that it has secured the sale and acquisition financing for a 77,607-square-foot industrial cold storage facility located at 2323 Northwest 72nd Ave. in Miami, Florida.
JLL represented the seller in the sale to IP Capital Partners, LLC. Working on behalf of the new owner, JLL also secured the financing through an insurance company.
Built in 1977 and most recently renovated in 2018 - 2019, the industrial facility is situated on a 3.34-acre lot and features a 30.5-foot clear height in the warehouse space, a 24-foot clear height in the cooler space, nine dock-high doors, one drive-in door and an ESFR sprinkler system.
The property is currently 100% leased to Sun Belle Inc., a leading marketer and distributor of conventional and organic fruits and vegetables. The facility serves as a cold storage hub for the tenant's fresh berry and produce operations and benefits from immediate proximity to the cargo entrance at Miami International Airport (MIA) and a 15-minute drive time to the Port of Miami. Further, the property offers exceptional access to Miami’s major thoroughfares including the Palmetto Expressway, Florida Turnpike and I-95.
The JLL Investment Sales team was led by Cody Brais, Luis Castillo and Taylor Osborne. Additionally, Christopher Drew, Michael DiCosimo and Jovi Rodriguez spearheaded JLL’s Debt Advisory team.
“The combination of recent property improvements, location vis-à-vis proximity to the MIA cargo entrance and national tenancy drove strong conviction in this unique sale-leaseback opportunity,” noted Brais.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 111,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About IP Capital Partners, LLC
IP Capital Partners, LLC is a private real estate investment and asset management company headquartered in Boca Raton, Florida. Formed in 2012, the company co-invests with institutional and high-net-worth joint venture partners to acquire office and industrial real estate in the major growth markets in the southeastern United States, with an emphasis on Florida. For more information, visit ipcappartners.com.