In the News
It last traded for $9.63 million in 2017, so it gained in value. There’s been strong demand for cold storage in South Florida over the past year as population growth has led to more food consumption. There have also been more e-commerce deliveries of frozen products.
Artica Ice Cream is among the tenants in this building.
The warehouse was built on the 5.6-acre site just west of Interstate 95 in 1953.
Reich Brothers invests in industrial properties across the country. Already listed on its website, the North Miami property is described as 100% occupied with 27 dock high doors.
Mandich’s father is late Miami Dolphins legend and radio personality Jim “Mad Dog” Mandich.
The building has since been subdivided for four tenants in undisclosed footprints, including Ram Tool Construction Supply Co., Hayward Distributing Co. and Rooms for Less, Reich said.
The building, next to the western I-70/I-270 junction, was built in 1970. Most recently, Quad used it as a production site until the Sussex, Wisconsin-based company closed the plant in 2017.
Reich Brothers is a specialist in acquiring brownfield properties and turning them around for new uses. Its most prominent local deal has been the acquisition and cleanup of the 70-acre Columbus Castings foundry on Columbus’ south side. The company bought the land in 2016 for $2.6 million and then invested $6.9 million into remediation work with help from JobsOhio incentives.
Joseph Kimener and Jeff Lyons of CBRE managed leasing for the property.
Reich said the company continues to look around Columbus for industrial sites to renovate. It’s most interested in brownfield redevelopment projects, especially within areas that have a strong demand for industrial space.
“We love the Columbus market and what it has to offer, it’s got the labor supply and ample interstate access,” Reich said. “We continue to look for more opportunities in the market and expect to add more in the next 12 to 24 months.”