IP Capital Partners boosted its industrial holdings in South Florida, acquiring a cold storage facility near Miami International Airport for $25.7 million.
A JLL team led by Cody Brais and Luis Castillo represented Boca Raton-based IP Capital, led by Jason Isaacson and Josh Procacci, in acquiring the 77,607-square-foot warehouse at 2323 Northwest 72nd Avenue, a press release states.
The deal breaks down to $332 per square foot.
Roger Zuñiga with DiGiacomo Group represented the seller, Schiller Park, Illinois-based produce distributor Sun Belle, which is leasing back the warehouse, the release states.
In 2017, Sun Belle paid $10 million for the 3.3-acre site, records show. The building was completed in 1978.
IP Capital, a commercial real estate investment firm specializing in office and industrial assets, has acquired four cold-storage facilities in recent years, Issacson told The Real Deal. The Sun Belle property is the company’s first cold storage acquisition in South Florida, Isaacson added.
“We are bullish about the Miami market and we are bullish about the location,” Isaacson said. “It’s a long-term investment for us, and we are very excited to add this property to our portfolio.”
Last year, IP Capital raised $95.4 million for a real estate fund that it will use to leverage roughly $900 million worth of planned acquisitions in the Southeast, including Florida, published reports state. Roughly 70 percent of the fund would target industrial properties, and the remainder would be used for office and medical office assets.
Founded in 2012, IP Capital owns and manages more than 11 million square feet of office and industrial space in Florida and four other states, the firm’s website states.
Among its office assets, IP Capital co-owns 110 Tower in Fort Lauderdale. The firm and Chicago-based Gem Realty Capital paid $112.9 million for the 30-story office building in 2016. In 2023, the joint venture won a $5.4 million judgment against Southeastern Management, a logistic company based in Casper, Wyoming, that signed an 11-year lease at 110 Tower but never moved in or paid rent.
