News

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

South Florida Industrial Owners Believe Strong Demand Will Offset Market Headwinds

Top South Florida industrial real estate investors believe the positive momentum the market enjoyed in 2018 will continue this year, thanks to strong demand, e-commerce and other factors.

Read more →

CBRE’s O’Loughlin, Dinner & Genet Finalize Long Term 124,000 SF Lease

CBRE Senior Vice Presidents Tom O’Loughlin and Larry Genet arranged a 124,280-square-foot lease deal on behalf of Propulsion Technologies International, LLC, an aircraft maintenance company, at 15301 SW 29 Street in Miramar, within Miramar Centre Business Park.

Read more →