Zara Billionaire Founder Buys Cold-Storage Facility in Miami-Dade
By Julia Echikson December 19, 2023 2:54 pm
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Zara’s billionaire founder Amancio Ortega is expanding his Miami portfolio to include industrial properties.
Ortega’s family office, Pontegadea, paid $113 million for a cold-storage facility in Hialeah at 3995 W 108th Street, according to property records. Called Bridge Point Cold Logistics Center, the 312,103-square-foot facility, which sits on 20 acres, is leased to food logistics company FreezPak.
The sellers, Bridge Industrial and PGIM Real Estate, completed the property last year after securing a $67 million construction loan from MetLife in 2020.
Representatives for the buyer could not be reached for comment, while spokespeople for the sellers did not immediately respond to requests for comment.
The purchase is the latest big-ticket industrial sale in South Florida. Earlier this month, Longpoint acquired a 25-building portfolio for $260 million, making it one of South Florida’s largest industrial sales this year. In November, Rockpoint purchased an 88-acre industrial development site in Pompano Beach for $180 million.
Ortega, who’s worth an estimated $98 billion according to Forbes, has long been a global office and retail investor. In Miami, the Spaniard purchased a block on Lincoln Road for $370 million in 2015 as well as the 55-story Southeast Financial Center office tower for $500 million the following year.
But since the pandemic, the billionaire, who stepped down from Zara’s parent company Inditex in 2011, has expanded his real estate portfolio to include industrial asset classes, beginning with the acquisition of a seven-property portfolio for $900 million last year, per Costar.
Correction: The original version of this article incorrectly stated the facility’s square footage.
Julia Echikson can be reached at jechikson@commercialobserver.com.
