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Miami-based Boxer US Buys 115,741 SF Cold Storage Warehouse In Hialeah Gardens For $43.3M
SOLD
$43,300,000
Florida
See Similar DealsIndustrial115,741 SF
Sold 06/26/2023
SOLD
Miami-based Boxer US Buys 115,741 SF Cold Storage Warehouse In Hialeah Gardens For $43.3M
13801 NW 112th AveHialeah Gardens, FL 33018, USA
See Similar DealsIndustrial115,741 SF
Sold 06/26/2023
Summary
FLORIDA
Asset Type:Industrial
Price Per Square Foot:$374
Total Square Footage:115,741 SF
Transaction Type:Sale
A fully occupied cold storage warehouse in Hialeah Gardens has been sold for $43.3 million. Miami-based Boxer US purchased the warehouse, which is located at 13801 Northwest 112th Avenue. The property spans 9.4 acres and has a total square footage of 115,741. The sale price equates to $374 per square foot.
Summary of transaction details
- Property Type: Industrial
- Transaction Amount: $43,300,000
- Address: 13801 Northwest 112th Avenue, Hialeah Gardens
- Market: Hialeah Gardens
- Square Footage: 115,741
The seller of the cold storage warehouse was Blackstone's affiliate, GPT Hialeah Gardens Owner LLC, which is owned by Stephen A. Schwarzman. The buyer, Boxer US, finalized the deal with an offer of $374 per square foot. The warehouse, built in 2014, is fully occupied by Lineage Logistics and is known for its specialized cooling equipment.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,309,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$153,835.76
Cash-on-Cash Return-1.27%
Monthly Debt Service$205,264.09
Annual Debt Service$2,463,169.09
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