Cabot Properties has acquired three multi-tenant warehouse and distribution buildings totaling 173,812 square feet inPalm Beach County.
The seller was McCraney Property Company.
C&W’s South Florida Industrial Brokerage Team of Christopher Thomson, Chris Metzger, Richard F. Etner Jr. and Matthew G. McAllister, in conjunction with Mike Davis, Rick Brugge and Michael Lerner of Cushman & Wakefield’s Central Florida operations, represented Cabot Properties in the $25.8 million ($148 per square foot) acquisition of 2211 Vista Parkway, 2213 Vista Parkway and 6935–6965 Vista Parkway North in West Palm Beach’s Vista Business Park.
“Cabot Properties’ acquisition of these buildings represented a tremendous opportunity to acquire proven, well-managed assets with exceptionally strong tenancy and revenue histories in one of that nation’s most dynamic industrial markets,” said Thomson.
6935–6965 Vista Parkway North is a one-story, 77,177-square-foot light warehouse and distribution center developed in 2008 on a ±7.9-acre site. The building features hurricane impact glass, 18’6” clear heights, 10 rear dock doors, seven drive-in doors, two ramps and an ESFR (Early Suppression, Fast Response) fire safety system
2211 Vista Parkway (44,234 square feet) and 2213 Vista Parkway (51,400 square feet) were developed in 2015 byMcCraney Property Company on a ±7.2-acre site. Both buildings are one—story warehouse and distribution facilities with 28 rear dock doors, two drive-in doors, 24’ clear heights, 52’x120’ column spacing and an ESFR (Early Suppression, Fast Response) fire safety system. The buildings share a 150’ truck court and 106 car parking spaces.
All three buildings were fully leased at the time of sale. Notable tenants include Trane, Shred-it and United Subcontractors (USI).
Vista Distribution Park is ideally situated just west of Okeechobee Boulevard interchange (Exit 99) on Florida’s Turnpike in central Palm Beach County with frontage on Jog Road. This location offers exceptional access to both domestic and international shipping destinations via Florida’s Turnpike, Interstate 95, Palm Beach International Airport and the Port of Palm Beach.
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.
