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
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