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7800 Northwest 80th Street

Seaboard Marine Renews Two Long-Term Leases For 308K SF At Prologis Palmetto Tradeport In Medley
LEASEDIndustrial

Seaboard Marine Renews Two Long-Term Leases For 308K SF At Prologis Palmetto Tradeport In Medley

7800 Northwest 80th Street, 7890 Northwest 80th Street & 8001 Northwest 79th Avenue

Building Size

924,000 SF

Asset Type

Industrial

Closing

Jan 29, 2024

AI

Seaboard Marine, Ltd. and Seaboard Solutions, Inc. have renewed two long-term leases totaling 308,000 square feet at Prologis Palmetto Tradeport in Medley. This Class A industrial park, owned by Hamid R. Moghadam's company Prologis, offers strategic access to major transportation routes and is located near key Miami infrastructure hubs. The transaction reflects the strong demand and limited supply in the region's robust industrial market.

Summary of transaction details:

  • Property Type: Industrial
  • Transaction Amount: Not specified
  • Address: 7800-7890 Northwest 80th Street & 8001 Northwest 79th Avenue
  • Market: Medley
  • Tenant: Bruce Brecheisen - Seaboard Marine, Ltd.; Seaboard Solutions, Inc.
  • Landlord: Hamid R. Moghadam - Prologis

The lease was facilitated by Brian Smith of JLL, who represented Hamid R. Moghadam as the landlord's representative. Jonathan Kingsley of Colliers International represented Bruce Brecheisen, the tenant.

Players

Brian Smith

JLL

Broker

$84M

vol

7 deals

Broker
Hamid Moghadam

Hamid Moghadam

Prologis

Landlord

$2.6B

vol

51 deals

Landlord

Medley Industrial Market Snapshot

Boundary boundary · Industrial · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93