JLL Capital Markets closed the sale-leaseback of Quirch Foods facilities in Miami, FL and Hammond, LA
News release
13 September 2022
Sale-leaseback of two cold storage warehouses in Southeast closes
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MIAMI, September 13, 2022 – JLL Capital Markets announced today that it has closed the sale-leaseback of two mission-critical cold storage facilities totaling 262,904 square feet in Miami, Florida and Hammond (New Orleans MSA), Louisiana.
JLL represented the seller, Quirch Foods, in the sale to an undisclosed third party. Quirch Foods occupies both facilities.
The first property, which is located on 15 acres at 7600 NW 82nd place in Miami, totals 178,428 square feet. The Miami facility has excellent access to Florida’s Turnpike, US-27, and State Road 826 (the Palmetto Expressway), and is proximate to Miami International Airport and the Port of Miami.
Situated on 19.4 acres at 11502 Scariano Lane in Hammond, the second building totals 84,476 square feet. The facility is located near the intersection of Interstates 12 and 55 and has efficient access to several Gulf Coast ports.
The JLL Capital Markets team representing the seller was led by Director Max La Cava, Senior Managing Director Brian Shanfeld, Managing Directors Jason Dewitt and Luis Castillo and Vice President Steven Okon.
“Cold storage industrial remains a heavily in-demand asset class among investors. Moreover, long-term leased product provides investors with attractive yields and surety of cash flow. Despite broader market volatility that occurred over the summer, JLL saw a remarkable level of interest from an array of investors that aggressively pursued the opportunity,” said La Cava. “The transaction achieved the dual-mandate of allowing Quirch Foods to unlock significant capital, while maintaining operational control of two mission-critical distribution centers.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Quirch Foods®
Quirch Foods is a food distribution company servicing ethnic and national grocers as well as foodservice distribution customers across the United States, the Caribbean, and Central and South America. Quirch operates approximately 500 refrigerated trucks and over 2.3 million square feet of combined distribution space through 23 facilities in Florida, Georgia, North Carolina, Tennessee, Alabama, Louisiana, Illinois, Texas, Washington, Oregon and Puerto Rico. Quirch is the exclusive distributor of High River Angus®, McKinneys Beef®, Panamei Seafood®, Diamond Reef® Seafood, Kikiriquirch® poultry, Jackson Farms™, Mambo Foods® and is a licensed distributor of Certified Angus Beef® and Chiquita® Brands frozen Tropicals and Fruits. To learn more about Quirch Foods and our brands, visit us online, follow Quirch (Facebook, Twitter, Instagram, LinkedIn), or call (800) 458-5252.