Hellmann Worldwide Logistics HQ in Florida changes hands for $43m

Industrial Logistics Properties Trust, a publicly traded REIT managed by The RMR Group, paid $43.1m for the Hellmann Worldwide Logistics facility in Doral, Florida. The 240,666 sq ft industrial building traded for $179 per sq ft. CBRE Capital Markets represented the seller, Hellmann Worldwide Logistics, which has used the building since 1996 as the firm’s North American headquarters. As part of the deal, Hellmann signed a 10-year leaseback agreement with Industrial Logistics Properties Trust. The facility features 24-foot clear span heights, 115- to 125-foot truck court depths, 65,700 sq ft of freezer and cooler space along with a 65,900 sq ft two-story office space.

“The property is located within the Miami Airport submarket, where industrial rents have historically outperformed all other submarkets in the area,” said Jose Lobon, senior vice president of CBRE Capital Markets. “Since 2011, this submarket has absorbed 7.5 million sq ft, representing 32 percent of Miami-Dade County’s total absorption over this timeframe.”