NEW YORK--(BUSINESS WIRE)--Safety, Income & Growth Inc. (NYSE: SAFE), the leading company focused on ground leases, announced it has originated two new ground leases on adjoining industrial properties in Miami, Florida.
The two properties are fully occupied by Sky Chefs and adjacent to the Miami Airport Intermodal. iStar Inc. (NYSE: STAR) sold the properties as a ground lease and a leasehold, which allowed the Company to achieve a higher overall price versus the broker estimates of the fee simple valuation.
The two SAFE Ground Leases™ feature fixed annual rent escalations over 99 years with periodic CPI-based adjustments. The leasehold was purchased by an affiliate owned by the Dayan family with leasehold financing from a third-party institutional lender.
SAFE has continued to expand the market for its brand of new modern ground leases, with its third deal announcement in June, including two in Florida with first-time customers.
Safety, Income & Growth Inc. (NYSE: SAFE) is the first publicly traded company that focuses on acquiring, owning, managing and capitalizing ground leases. The Company seeks to provide safe, growing income and capital appreciation to shareholders by building a diversified portfolio of high quality ground leases. The Company, which is taxed as a real estate investment trust (REIT), is managed by its largest shareholder, iStar Inc. Additional information on SAFE is available on its website at www.safetyincomegrowth.com.