Produce Distributor Sells Cold-Storage Facility Near Miami Airport for $26M
By Julia Echikson February 20, 2025 4:07 pm
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Produce distributor Sun Belle sold its climate-controlled warehouse near Miami International Airport for $25.8 million as part of a sale-leaseback transaction to Iconic Equities and IP Capital Partners.
The 74,792-square-foot cold-storage facility sits on 3.3 acres at 2323 NW 72nd Avenue, just west of the airport. The property, which Sun Belle fully occupies, was built in 1978 and features a 30.5-foot ceiling height and 11 dock doors. In 2018, it underwent a renovation.
Sun Belle’s new lease spans five years and includes a five-year renewal option, according to DiGiacomo Group’s Roger Zuñiga, who represented the company. The Illinois-based seller purchased the asset for $10 million in 2017, property records show.
“The combination of recent property improvements, location vis-à-vis proximity to the MIA cargo entrance and national tenancy drove strong conviction in this unique sale-leaseback opportunity,” JLL’s Cody Brais, who represented the buyers, said in a statement.
Based in Miami and led by founder and CEO Tim Bishop, Iconic Equities specializes in industrial outdoor storage and industrial development. Boca Raton-based IP Capital Partners acted as both a limited partner and the lender for an acquisition loan.
The JLL team representing the new ownership included Luis Castillo and Taylor Osborne. Additionally, Christopher Drew, Michael DiCosimo and Jovi Rodriguez spearheaded JLL’s debt advisory team.
A representative for JLL did not immediately respond to a request for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
