Fashion Marketing International, a trucking company, originally contacted Ed Redlich to sublease its excess warehouse space at 1855 N.W. 70th Ave. Airline cater Gate Gourmet, was interested because its former facility was placed under eminent domain due to the Miami International Airport expansion project. Therefore, Faith Freight Forwarding, the property owner, negotiated a buyout of the lease with Fashion Marketing International and created a new lease with Gate Gourmet.
The value of the long-term lease was not disclosed, but based on the average asking rental rate of $6.23 for several similar properties in the area, the lease is estimated to be worth at least approximately $2.39 million.
"I believe all three parties benefited: FMI reduced its lease obligations in half, Gate Gourmet acquired a facility that best suits its needs and Faith secured a credit tenant with a long-term lease," Redlich says in a statement.
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