Zara Founder Amancio Ortega Expands Miami Portfolio with $113M Cold Storage Facility Purchase

Amancio Ortega Diversifies Miami Real Estate Investments

Amancio Ortega, the billionaire founder of global fashion giant Zara, is broadening his real estate investments in Miami. His family office, Pontegadea, recently acquired a cold-storage facility in Hialeah, marking a significant expansion into the industrial property sector.

Details of the Acquisition

The property, located at 3995 W 108th Street, was purchased for a hefty $113 million, which translates to $129 per square foot. The facility, known as Bridge Point Cold Logistics Center, spans an impressive 874,684 square feet and is currently leased to FreezPak, a food logistics company.

The sellers, Bridge Industrial and PGIM Real Estate, finished the property in 2020 after securing a $67 million construction loan from MetLife. Representatives for both the buyer and sellers have yet to comment on the transaction.

Industrial Real Estate: A Hot Market in South Florida

This acquisition is the latest in a series of significant industrial sales in South Florida. Earlier this month, Longpoint Realty Partners snapped up a 25-building portfolio for $260 million, marking one of the region's largest industrial sales this year. In November, Rockpoint Group purchased an 88-acre industrial development site in Pompano Beach for $180 million.

Ortega's Real Estate Portfolio: From Retail to Industrial

With an estimated net worth of $98 billion, Ortega has been a prominent investor in office and retail properties worldwide. In Miami, he purchased a block on Lincoln Road for $370 million in 2015 and the 55-story Southeast Financial Center office tower for $500 million in 2016.

However, since the onset of the pandemic, Ortega has been diversifying his real estate portfolio to include industrial properties. This shift began with the acquisition of a seven-property portfolio for $900 million last year.

Conclusion

Ortega's move into the industrial real estate sector underscores the growing appeal of this asset class among savvy investors. As the market continues to evolve, it will be interesting to see how other investors follow suit and diversify their portfolios.