Recent Acquisition – 1500 Avenue R, Riviera Beach, FL
Cushman & Wakefield announced today that it has negotiated the sale of a 52,922-square-foot metal panel industrial warehouse at 1500 Avenue R in Palm Beach County.
Executive Director Scott O’Donnell, Senior Associate Greg Miller and Managing Director Dominic Montazemi represented Boston-based The Realty Associates Fund VIII, L.P. in the disposition. Palm Beach-based SL Avenue R LLC acquired the asset for $3.2 million ($60 per square foot). Cushman & Wakefield’s Capital Markets Team co-marketed the property with CBRE Executive Vice President Robert Smith.
1500 Avenue R is a single-story metal panel industrial warehouse developed in 1986 on a 3.4-acre site in the Riviera Beach industrial submarket. The property features 25-foot clear heights in warehouse areas, a functional mix of drive-in and dock-high loading doors, 74 surface parking spaces and a wet sprinkler system.
The asset was 100 percent occupied at the time of sale. Tenants include Saxon Archives, International Impact Building Products and Chassis Engineering, Inc.
1500 Avenue R is ideally located equidistant (1.5 miles) from Interstate 95 and the Port of Palm Beach, two of Palm Beach County’s most significant economic drivers.
“This asset offered investors substantial upside due to the below-market in-place rents,” said O’Donnell. “The tight Riviera Beach submarket, strategic infill location and improving market fundamentals will ultimately drive operating income growth when the existing leases expire.”
Including this transaction, the South Florida Commercial Team of O’Donnell, Montazemi, Miguel Alcivar, Miller and debt financing partner Jason Hochman have closed more than $469 million in sales and financing this year. Please visit www.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com
Original article here.