Hellmann Trades Miami-Area HQ for $43M

The full-service logistics company, based in Germany, entered into a long-term leaseback agreement with the new owner, Industrial Logistics Properties Trust.
Hellmann Worldwide Logistics
Hellmann Worldwide Logistics

CBRE Capital Markets has brokered the $43.1 million sale of the Hellmann Worldwide Logistics facility, a 240,666-square-foot property in Doral, Fla. Industrial Logistics Properties Trust, managed by The RMR Group, acquired the industrial asset from Hellmann Worldwide Logistics.

Located at 10450 N.W. 41st St., the building has served as Hellmann’s North American headquarters since its construction in 1996. As a condition of the transaction, Hellmann entered into a leaseback agreement for at least 10 years with the new owner. The facility features 24-foot clear heights, 115 to 125-foot truck court depths and includes 65,700 square feet of freezer and cooler space, as well as 65,900 square feet of office space spanning across two levels.

Coveted submarket

The CBRE team of Vice Chairmen Christian Lee and Chris Riley, alongside Senior Vice Presidents José Lobon, Devin White and Ned Burns, represented the seller in the transaction. Hellmann is an Osnabrück, Germany-based full-service logistics company that operates in 162 countries.

“The property is located within the Miami Airport submarket, where industrial rents have historically outperformed all other submarkets in the area. Since 2011, this submarket has absorbed 7.5 million square feet, representing 32 percent of Miami-Dade County’s total absorption over this timeframe,” Lobon explained in a prepared statement.

CBRE Vice President Amy Julian, with CBRE’s Debt & Structured Finance practice, and Financial Analyst Joseph Chick were also part of the team representing the seller. Earlier this year, in May, Julian was involved in the $127 million sale of SunTrust International Center, a nearly 450,000-square-foot, Class A office tower in downtown Miami.

Image courtesy of CBRE