Avison Young represents Biotest AG in $7.5 million land sale to JV partners McCraney Property Company and Mitchell Property Realty
One of the last developable sites in the Northwest BocaRaton/Park at Broken Sound submarket trades for new class A industrial development
Boca Raton, Fla. — Avison Young’s Florida Capital Markets Group closed the $7.5 million sale of an 8.74-acre development site in the Park at Broken Sound area of Boca Raton, Florida. The vacant land is located off of Park of Commerce Way with high visibility from Interstate 95. On behalf of the seller, Biotest AG, Avison Young Principals Mark M. Rubin and Keith O’Donnell secured the buyers, joint-venture partners McCraney Property Company and Mitchell Property Realty, Inc., which have plans for new class A industrial development.
“The Park of Commerce Way land is one of the last remaining developable sites in the Northwest Boca Raton/Park at Broken Sound submarket,” said Rubin. “The deal signifies the trend of industrial developers continuing to be bullish towards well-located land throughout South Florida.”
McCraney Property Companies is the most active private industrial investor-developer in the Southeast U.S. region. The Park of Commerce Way marks newly-founded, Florida-based Mitchell Property Realty’s first land acquisition for development. To complete the sale, Avison Young navigated unique challenges and engaged creative deal structuring on an accelerated timeline.
“Now was the perfect time for us to capitalize on the strong market and monetize our excess land,” said Martin Möller, Vice President of Finance with Biotest AG. “Avison Young was a pleasure to work with, as the team secured the ideal buyers, guided us through the complicated transaction, and quickly closed the deal with successful results.”
As of third-quarter 2019, Boca Raton continued to experience decreasing industrial vacancy and increasing demand against no new construction. According to Avison Young research, the submarket saw its vacancy rate drop to 2.62% and a total of 139,059 square feet absorbed, more than double the positive absorption of any other submarket in Palm Beach County.
“With no industrial projects underway in Boca Raton and very few throughout Palm Beach County, the sale of a warehouse-zoned development site to active investor-developers is highly significant for the market,” said O’Donnell. “The Park at Broken Sound area is a prime location for industrial, office, multifamily, and retail projects and users, and we are excited to see its ongoing evolution.”
The Park of Commerce Way land site is surrounded by a variety of live-work-play amenities. With quick access to several major roadways – including Congress Avenue, Yamato Road, and Interstate 95 – the property is just minutes away from the Boca Raton Tri-Rail station and the Boca Raton Airport.
Todd Cohen, Managing Principal of TCC Advisors, represented the buyers during the transaction.