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Iconic Equities Acquires Miami Industrial Property For $29.24M

Property Image
SOLD
$29,240,000

Florida

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Industrial211,000 SF
Sold 10/16/2023
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Property Image
SOLD

Iconic Equities Acquires Miami Industrial Property For $29.24M

3500 Northwest 24th Street

See Similar Deals
Industrial211,000 SF
Sold 10/16/2023
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Industrial
Price Per Square Foot:$138
Total Square Footage:211,000 SF
Transaction Type:Sale

A warehouse near Miami International Airport has been sold for $29.24 million. The property, located at 3500 Northwest 24th Street, spans 2.6 acres and offers 143,136 square feet of space. The transaction took place in the Miami market.

Summary of transaction details

  • Property Type: Industrial
  • Sale Price: $29,240,000
  • Square Footage: 143,136
  • Price per Square Foot: $204
  • Address: 3500 Northwest 24th Street
  • Market: Miami
  • Seller: Miami SC Leasehold LLC - Isaac M. Neuberger
  • Buyer: Iconic Equities - Tim Bishop

The buyer, Iconic Equities, made the purchase through its affiliate, BGO IE Sky Chefs LLC. The sale included a ground lease valued at $20.89 million and property improvements worth $8.35 million. The warehouse is strategically located near the airport, benefitting from its strong flight growth and serving LSG Sky Chefs, a catering service for airlines. The transaction aligns with Iconic Equities' investment strategy in the industrial sector.

Players

Tim Bishop
Tim Bishop
6 deals$118.9M volume
BUYER

Details

SOLD
IMAGE: Isaac M. Neuberger & Tim Bishop DATE: 10/16/2023 ADDRESS: 3500 Northwest 24th Street MARKET: Miami ASSET TYPE: Industrial ~ ACRES: 2.6 BUYER: Iconic Equities (@IconicEquities) - Tim Bishop (@TimBishopOfficial) SELLER: Miami SC Leasehold LLC - Isaac M. Neuberger SALE PRICE: $29,240,000 SF: 143,136 ~ PPSF: $204 NOTE: Iconic Equities affiliate, BGO IE Sky Chefs LLC, purchased a warehouse near Miami International Airport for $29.24 million, with $20.89 million for the ground lease and $8.35 million for property improvements. The warehouse benefits from the airport's strong flight growth, particularly serving LSG Sky Chefs, a catering service to airlines.

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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

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