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Cushman & Wakefield arranged the sale of an 81.1-acre parcel of land zoned for up to 1 million square feet of industrial development located in Jupiter.

The final sale price was $63,325,000.

Located at Palm Beach Park of Commerce, the property is 100% leased to Insurance Auto Auction, a globally recognized company in the auto-salvage industry duopoly, and will serve as a mission critical location in the tenant’s South Florida operations.

The property is located less than one mile from the Bee-Line Hwy, providing exceptional access throughout Palm Beach County, Treasure Coast, and greater South Florida via Interstate 95 and the Florida Turnpike.

 

 

KVA Congress bought a Boynton Beach industrial building for $6.65 million, signaling growing interest in industrial properties in South Florida.

The Jupiter-based company bought the 47,626-square-foot property at 3600 South Congress Avenue for $139 per square foot, according to a press release from Cushman & Wakefield. Bridgeview, Illinois-based R.T. Milord Co. sold the property.

KVA Congress is managed by Peter Alevizos and Nancy Alevizos of Jupiter. Cushman & Wakefield represented the seller in the sale.

The building was developed in 1987 on a 3.3-acre site. The property was 100 percent occupied at the time of sale, according to the release.

Boynton Beach, located between Boca Raton and West Palm Beach, has seen a number of new developments in recent years. Among them, Gulf Stream Views, a 14-unit luxury townhome development, just launched sales this month.

In South Florida, overall investment in industrial properties is growing. Over the past five years, average prices per square foot for warehouse buildings in South Florida have increased by 65 percent, according to Colliers International South Florida’s third quarter 2018 report.

 

Source: The Real Deal

West Palm Beach-based McCraney Property Co. sold three fully leased warehouses in central Palm Beach County for $25.8 million.

Cabot Properties of Boston paid $148 per square foot for the trio of warehouses on Vista Parkway west of Florida’s Turnpike, which have a combined total of 173,812 square feet.

McCraney Property built two of the warehouses at 2211 and 2213 Vista Parkway on a 7.2-acre site in 2015, and the company built a third warehouse at 6935-6965 Vista Parkway on a 7.9-acre site in 2008.

“The warehouses are proven, well-managed assets with exceptionally strong tenancy and revenue histories,” Christopher Thomson of brokerage firm Cushman & Wakefield said in a prepared statement.

Thomson was part of the Cushman & Wakefield team that brokered the $25.8 million transaction, which included Chris Metzger, Richard F. Etner Jr., Matthew G. McAllister, Mike Davis, Rick Brugge and Michael Lerner.

 

Source: The Real Deal