Trio Of Industrial Buildings In Riviera Beach Opportunity Zone Trade

A three-building portfolio of industrial property within an Opportunity Zone in Riviera Beach sold for $11.7 million, or $73 per square foot.

When the sale closed, the buildings were 98 percent leased to tenants including the City of Riviera Beach, Saf-Glas and Palm Beach Laundry.

Interstate Industrial Park Holdings, LLC, led by Harry Spitzer, bought the three-building portfolio from The Silverman Group of Palm Beach.

The 160,302-square-foot portfolio includes buildings at 6555 and 6557 Garden Road and 3541 M.L.K. Jr. Boulevard in Riviera Beach.

The one-story building at 6555 Garden Road was developed in 1987 on a three-acre site. Two one-story buildings at 6557 Garden Road and 3541 M.L.K. Jr. were developed in 1968 on a two-acre site.

Located equidistant to the Interstate 95 interchanges at 45th Street and West Blue Heron Boulevard, the industrial buildings are within the Census Tract 13.02 Opportunity Zone. Investors in Opportunity Zones can defer payment of federal taxes on capital gains.

Cushman & Wakefield’s Capital Markets Team, along with Robert Smith and Kirk Nelson, negotiated the sale of the three buildings on behalf of The Silverman Group. Adam Robbins of ARC Equities, LLC, represented Interstate Industrial Park Holdings, LLC, in the transaction.

 

Source:  The Real Deal

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Larry W. Genet is a Senior Vice President in the CBRE, Inc. Miami, FL office. As part of the CBRE platform Mr. Genet can provide a wide range of services from local to Fortune 1000 clients including agency and tenant representation, asset or portfolio management, high level logistics, labor and data analytics prior to site selection, project/construction management, capital markets, owner user sales and valuation advisory services. CBRE is the global leader for real estate services worldwide.

Larry has extensive experience in landlord agency, tenant representation, acquisitions, dispositions and property management. As a third-generation commercial real estate professional and South Florida native, Larry boasts deep community ties, an intimate knowledge of the South Florida market and numerous professional contacts. Larry’s leasing expertise of industrial, office, land, retail and medical properties coupled with his experience in acquisitions and dispositions gives him the ability to represent a myriad of clients in the South Florida market. Additionally, Larry controls a portfolio of 13.5 million square feet allowing him to see every deal in the market. This ensures his clients never miss an opportunity. His knowledge of tenants and buyers in the market is top notch and when coupled with his team's vast portfolio, it's a winning combination.

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Larry Genet
Senior Vice President

Larry W. Genet is a Senior Vice President in the CBRE, Inc. Miami, FL office. He is a consistent Top 10 producer locally and Top 10% in the Americas Industrial & Listings business line. Co-leading the top multimarket institutional level landlord team, Larry has closed some of the most significant deals in our market selling land, portfolios, one-off buildings and completing critical leases. Clients count on Larry to put their Marketing Action Plans into motion and execute by being a proactive force to fill vaccines and get buildings sold quickly and for top dollar. He and Tom O’Loughlin oversee the largest landlord portfolio in the South Florida market.   

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Tom O'Loughlin
Executive Vice President

Tom O’Loughlin has earned a reputation of being one of the top performing brokers in South Florida. As a trusted advisor, Tom has fostered relationships with our market’s top brokers making sure they deliver quality tenants to his client’s buildings. Tom is exceptional at understanding client’s needs, the obstacles they wish to overcome and creating a clear plan to succeed in surpassing all goals. A relative encyclopedia of market knowledge, building owners and businesses, not many brokers know our market better. Tom’s goal is to foster his client relationships and become their trusted advisors while delivering superior results regardless of the size or complexity of the transaction.

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