ECS-Miami Propco LLC Acquires Cold Storage Facility In Miami For $47.25M From Rivas Family Enterprises

The transaction involved a 6.76-acre industrial asset located at 2950 Northwest 75th Street in Miami. The property, which comprises a cold storage facility with a total square footage of 187,122, was sold for a price of $47,250,000, translating to a price per square foot of $253.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $47,250,000
• Address: 2950 Northwest 75th Street, Miami
• Seller: Manuel Rivas - Rivas Family Enterprises
• Lender: Mike Freno - Barings
• Acquisition Company: ECS-Miami Propco LLC
• Previous Purchase Price: $4.4M in 2003
• Financing Amount: $33.87M
• Purchase Size: 187,122 SF
• Price Per Square Foot: $253
• Acquirer: Envision Cold's first Florida facility

This transaction saw ECS-Miami Propco LLC, an affiliate of Envision Cold, acquire a significant asset, representing a marked appreciation in value since its prior transaction. The financing for the deal was facilitated by Barings LLC, with Mike Freno representing them in the lending capacity.