Yukon Real Estate Partners Sells North Miami Cold Storage Facility for $11.4 Million With Cushman & Wakefield
NORTH MIAMI, Fla. — Yukon Real Estate Partners has closed the sale of a 32,000-square-foot multi-tenant cold storage facility at 500 NE 185th Street in North Miami for $11.4 million. Cushman & Wakefield represented Yukon in the transaction, which was announced September 16, 2026.
The deal equates to approximately $355 per square foot. Yukon originally acquired the property in March 2021 for $4.1 million, executed a full capital improvement program, and sold the building 100% leased following a five-and-a-half-year hold.
Property and Capital Improvement Program
The facility, originally built in 1981, sits on 2.87 acres less than a mile from I-95 in North Miami. The building features 22 refrigeration zones configured as 1,000- and 2,000-square-foot freezer and cooler bays served by an open dock-high loading area. Tenants include food importers, specialty distributors, and small manufacturers.
When Yukon acquired the asset, the refrigeration system was near the end of its useful life and the insulated ceilings and walls required replacement. The firm invested more than $2 million to rebuild the facility from the inside out, replacing ceilings and walls with new insulated metal panels and installing new split-system refrigeration across most of the building. New bay doors, LED lighting, paving, and exterior restoration rounded out the capital program.
The renovation was executed one bay at a time with tenants in place, and the building maintained 100% occupancy throughout the construction period. Banesco USA financed and supported the project from start to finish.
Operational Complexity at the Center of the Deal
"This was the most asset-management-intensive deal we have done," said Mark Winter-Gitelson, Principal and President of Yukon Real Estate Partners. "Replacing insulated metal panels across an occupied building without losing tenants, managing refrigeration across 22 temperature zones, and maintaining relationships with 15 to 20 small food businesses required a level of attention that does not show up in a pro forma. The exit reflects that work."
The multi-tenant configuration — with individual bays sized for independent food businesses — contributed to the building's stable occupancy. The property serves operators at the local level of the cold chain, including food importers and specialty distributors who depend on the facility to run their day-to-day operations.
Cold Storage Market Context
The sale comes as cold storage remains a specialized and supply-constrained segment within the broader industrial real estate market. The U.S. refrigerated warehousing market has been estimated at $52.28 billion, with the global refrigerated warehouse market projected to grow from $38.0 billion in 2025 to $41.8 billion in 2026. Well-located, fully leased cold storage assets with modern refrigeration systems and diversified tenant bases have continued to attract buyers seeking specialized industrial income rather than speculative development exposure.
In the broader Miami-Dade industrial market, vacancy has been running in the high-6% to high-7% range in early 2026, with asking rents around $16.42 to $17.04 per square foot NNN depending on the source. Industrial cap rates in the market have been tracked around 5.9% for stabilized assets, with wider spreads for older value-add properties.
The North Miami location, positioned less than a mile from I-95, supports distribution and food-service logistics demand across the Miami market.
Yukon's Broader Cold Chain Strategy
The North Miami disposition is part of a broader pattern of cold storage activity for Yukon Real Estate Partners. In July 2026, Yukon and BGO sold New Century Cold Storage, a 291,000-square-foot build-to-suit facility in Kansas, to a MetLife Investment Management client. The firm has stated it continues to acquire and develop cold storage facilities, including small-bay and multi-tenant assets that serve independent food businesses at the core of the cold chain.
The Miami transaction illustrates the firm's value-add approach: acquiring assets below replacement cost, executing capital-intensive repositioning programs, stabilizing occupancy, and selling into a market that has continued to reward specialized industrial cash flow.
Sources
Yukon Real Estate Partners — 500 NE 185th Street Sale Announcement