Yukon Real Estate Partners Sells 500 NE 185th Street, a 32,000 SF Multi-Tenant Cold Storage Facility in North Miami, for $11.4 Million

NORTH MIAMI, Fla. — September 16, 2026 — Yukon Real Estate Partners has closed the sale of 500 NE 185th Street, a 32,000 SF multi-tenant cold storage facility in North Miami, for $11.4 million. Cushman & Wakefield represented Yukon in the transaction. Yukon acquired the asset below replacement cost in March 2021 for $4.1 million, executed a full capital improvement program, and sold the property 100% leased after a five-and-a-half-year hold.

Originally built in 1981 on 2.87 acres less than a mile from I-95, the facility has 22 refrigeration zones laid out as 1,000 and 2,000 SF freezer/cooler bays, served by an open dock-high loading area. It is a dense, operationally complex property serving local food importers, specialty distributors, and small manufacturers who depend on it to run their businesses.

When Yukon bought the building, the refrigeration was near the end of its life and the insulated ceilings and walls needed replacing. Yukon invested more than $2 million to rebuild the facility from the inside out, replacing the 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 completed the capital improvement program.

"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 work was done one bay at a time with tenants in place, and the building stayed 100% occupied throughout. Banesco USA financed and supported the project from start to finish. Yukon continues to acquire and develop cold storage facilities, including small-bay and multi-tenant assets that serve the independent food businesses at the core of the cold chain.