Hellman Logistics Signs Sale/Leaseback for its North American HQ in Doral
The 240,66-square-foot cross-dock facility has been owned and occupied by Hellman Worldwide Logistics since its opening in 1996 and serves as the Osnabrueck, Germany-based company’s North American headquarters.
DORAL, FL—Hellman Worldwide Logistics has sold its North American headquarters facility here in a sale/leaseback transaction with Industrial Logistics Properties Trust of Newton, MA in a deal valued at $43.1 million.
The 240,666-square-foot cross-dock facility has been owned and occupied by Hellman Worldwide Logistics since its opening in 1996 and serves as the Osnabrueck, Germany-based company’s North American headquarters. As part of the sale transaction, Hellman Worldwide signed a new 10-year lease at the property with the new ownership. Industrial Logistics Properties Trust is a publicly traded REIT managed by The RMR Group, Inc.
The deal was reported by CBRE. The commercial real estate brokerage firm’s capital markets team of Christian Lee, vice chairman; Chris Riley, vice chairman; José Lobón, SVP; Devin White, SVP and Ned Burns, SVP represented the seller in the deal. The CBRE Capital Markets team representing Hellman Worldwide also included VP Amy Julian, along with CBRE’s Debt & Structured Finance practice and financial analyst Joseph Chick.
“This property offered investors an attractive long-term investment-grade yield,” CBRE’s Lee says. “Testament to the quality of the real estate and coveted location within the widely-recognized Miami Airport submarket, interest was drawn from the full spectrum of capital sources: pension fund advisors and institutions, REITs and foreign capital.”
After establishing its North American headquarters in Miami at 10450 Doral Blvd. in 1996, the company expanded its on-site footprint in 2001 by an additional 96,000 square feet. to house its Perishable Logistics operation, CBRE states. The facility features 24-foot clear span heights, 115-125-foot truck court depths, 65,700 square feet of freezer and cooler space and 65,900 square feet of office space.
“This transaction allows us to further develop the US market by building on the very positive EBT results of Hellmann Worldwide Logistics in 2017,” states Steen Christensen, president and CEO of Hellmann Worldwide Logistics North America. “Our customers require agile partners with the capital to support the creative solutions global supply chains demand in the future. CBRE has been an excellent partner throughout this process and we are excited about the opportunities this transaction creates for our organization.”
Hellmann, which is also operating a 180,000-squqare-foot facility in Weston near Fort Lauderdale, will continue to use the Doral building for its current customer base. To enable further expansion of its business in the USA and Canada, the global logistics company expects to be in the market for additional warehouse space in the next 12 months to 18 months, CBRE officials say.
Industrial rents in Miami-Dade County were $9.14-per-square-foot in the first quarter of 2018, according to CBRE Research. Overall, Miami-Dade County’s 3.9% industrial vacancy rate is one of the lowest among major US MSAs.