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
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.
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