The former home of a beer distributor has sold for $31 million, commercial real estate firm CBRE said.
Boise Cascade, a maker of building materials, bought the 120,000-square-foot industrial and office property located at 1300 Allendale Road in West Palm Beach, Fla. The seller was JRB West Palm LLC, according to property records.
The property is located between Interstate 95 and Palm Beach International Airport. It last sold in 2012, for $5.5 million.
“The property will provide additional storage and service capacity for the Pompano Beach distribution center,” Boise Cascade, a publicly traded company headquartered in Boise, Idaho, said in a statement.
Built in 1987, the West Palm Beach warehouse was the longtime home of Brown Distributing Company, a beer distributor that had operated in the county for a century. Brown Distributing closed the facility in 2021 after the sale of its distribution territory to two companies, the Palm Beach Post reported last year.
Robert Smith, Kirk Nelson and Jeff Kelly of CBRE Industrial & Logistics represented the seller. Boise Cascade was represented by Gabriel Garcia-Menocal, Lucia Custer and David Oxios of NAI Miami | Fort Lauderdale and Peter Oliver of TOK Commercial.
“We fielded a lot of interest in this property, including many unique users who were interested in all or part of the property. In the end, we were able to secure an all-cash buyer who will be using the property to expand their distribution network,” Smith said in a statement.
The property sits on 9.77 acres. It features a 91,120-square-foot climate-controlled warehouse with 20 dock-high doors and two cooler rooms. The property also includes 20,000 square feet of office space.
Source: Commercial Observer