Greg Miller, Scott O’Donnell and Dominic Montazemi Represented Affiliates of The Silverman Group in the Disposition of the Three-Property, Seven-Building Small-Bay Industrial Portfolio
BOCA RATON, FL, July 11, 2017 — Cushman & Wakefield announced today that it has negotiated the sale of the West Palm Small Bay Portfolio, a collection of seven small-bay industrial buildings at three Palm Beach County sites totaling 95,720 square feet.
Senior Associate Greg Miller, Executive Director Scott O’Donnell and Managing Director Dominic Montazemi, in conjunction with CBRE’s Robert Smith, Kirk Nelson and Jeff Kelly, represented affiliates of Short Hills, NJ-based investor The Silverman Group in the disposition. Palm Beach, FL-based investor Palm Tree Industrial, LLC acquired the portfolio for $7.6 million ($79 per square foot).
The West Palm Small Bay Portfolio comprises three distinct properties — 6677–6687 North 42nd Terrace, Dyer Business Park and Westroads Industrial Park — all located within a one-half-mile radius in Palm Beach County just west of the Interstate 95 – Blue Heron Road interchange (Exit 76). The buildings were 99 percent leased at the time of sale and had achieved 35 percent organic rent growth since 2015.
6677-6687 North 42nd Terrace is a two-building campus totaling 34,520 square feet. The assets were developed in 1997 on a 2.6-acre site in Riviera Beach. The metal construction buildings are currently demised into 15 units and feature 11- to 15-foot clear heights, 10-foot by 12-foot doors and fluorescent/LED lighting.
Dyer Business Park is a two-building campus totaling 33,600 square feet. The assets were developed in 1982 on a 2.0-acre site at 4574 Dyer Boulevard in West Palm Beach. The concrete block and metal construction buildings are currently demised into 16 units and feature 16- to 18-foot clear heights, 12-foot by 12-foot and 12-foot by 14-foot doors and fluorescent/LED lighting.
Westroads Industrial Park is a three-building campus totaling 27,600 square feet. The assets were developed in 1979 on a 1.7-acre site at 4249, 4255 and 4261 Westroads Drive in Riviera Beach. The concrete block buildings are currently demised into 18 units and feature 12-foot clear heights, 10-foot by 10-foot doors, and fluorescent/LED lighting.
The West Palm Small Bay Portfolio straddles Military Trail, a major north-south thoroughfare serving Palm Beach County, and is easily accessible via Interstate–95, Florida’s Turnpike and the Bee Line Highway. The portfolio’s location provides its tenants superior mobility to the surrounding area.
“The Palm Beach Industrial Market is one of the most fundamentally sound in the nation, particularly from an investment prospective,” said O’Donnell. “Robust industrial demand is being buoyed by a local economy in self-sustaining expansion, with most industries growing and adding workers.”
“Due to increasing land values and construction costs, new competitive supply of small-bay industrial assets has been severely limited,” added Miller. “Investors are looking to acquire stabilized assets while maintaining the ability to organically grow rents on an immediate basis.”
The South Florida Commercial Team of O’Donnell, Montazemi, Miguel Alcivar, Miller and Jason Hochman closed more than $524 million in sales and financing in 2016. Please visit www.southfloridacommercialteam.com for more information about the team.
About Cushman & Wakefield
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