Palm Beach, FL, June 3, 2022 – Colliers, on behalf of Apogee Investment Partners LLC., closed on the disposition of an industry-leading jet engine testing facility located at 18855 Bee Line Highway in north-central Palm Beach County, FL, and operated by CTS Engines. Executive Managing Director Mark M. Rubin, Director Bastian Laggerbauer, and Financial Analyst Jake Stauber of the Colliers South Florida Investment Services Team, in collaboration with Executive Managing Director Steven Wasserman and Managing Director Erin Byers from the Industrial Services Group, represented the seller in the transaction. 

 “This sale demonstrates continued strong investor interest in mission-critical industrial assets in Palm Beach County,” said Rubin.

The sale of the testing facility represented an extremely rare industrial opportunity due to its design and construction for the specific use of turbine engine testing and maintenance. The tenant invested over $12.7 million in building the testing facility, which spans 44.42 acres and features a state-of-the-art, high thrust turbine engine testing stand and ancillary components capable of accommodating the airline industry’s most significant turbine engines.

 “The most challenging aspect of the sale was finding a niche buyer whose criteria aligned with this unique product being sold,” Laggerbauer said. “Ultimately, the tenant, CTS Engines, decided to purchase the asset due to its essential use required for the continued success of the company.”

CTS Engines is headquartered in Fort Lauderdale and is a recognized leader in the provision of engine field services including FAA, and EASA 145 repair station certifications for a wide variety of turbine engines. Their field service capabilities include fan and blade changes, hot section inspections, engine disassembly, engine lease return inspections/evaluation, and more. 

Palm Beach County continues to reflect a healthy industrial market with strong leasing activity driving positive net absorption and a low vacancy rate of 3.2 percent. New supply has been quick to lease-up and/or sell; however, the second half of the past year saw no new deliveries, and there are currently 548,000 square feet under construction. With an uptick in land/industrial investments, due to the scarcity of developable sites, investor interest is strong, but opportunities similar to this purchase continue to prove hard to find.