Cushman & Wakefield Arranges $15.5M Sale of Palm Beach County Warehouse on Behalf of Easton & Associates
Cabot Properties Acquired the 86.4KSF Facility Situated in Southern Mills Business Park
PALM BEACH COUNTY, FL, August 6, 2020 – Cushman & Wakefield has negotiated the sale of a Class A, suburban industrial asset in South Florida for $15.5 million. The 86,400-square-foot warehouse and distribution facility, at 501 103rd Ave. in Royal Palm Beach, was 100% occupied at time of sale.
The Cushman & Wakefield South Florida Industrial Team of Executive Director Rick Etner, Executive Director Christopher Thomson, Executive Director Chris Metzger and Director Matthew G. McAllister arranged the sale on behalf of Easton & Associates. The Miami-based commercial real estate services firm originally acquired the asset in 2015 for $9.6 million.
The buyer is Boston-based Cabot Properties, a private equity real estate investment firm exclusively focused on industrial properties, with a growing portfolio in South Florida.
“The West Palm Beach industrial market, which includes Royal Palm Beach, remains in high demand, finishing the second quarter of 2020 with an extremely tight vacancy rate of just 2.2%,” said Thomson. “501 103rd Ave. presented an excellent opportunity for Cabot to acquire a fully leased Class A asset in one of the country’s most desirable markets, and is well positioned for strong leasing activity and rent growth in the future.”
501 103rd Ave., built in 2014, features 28-foot clear height ceilings, 11 docks high doors, 40-by-48-foot column spacing and 60-by-60-foot loading bay. The property is situated just west of State Road 441 and just north of Southern Boulevard, providing convenience to Florida’s Turnpike and Interstate 95.
The building is currently fully leased to two tenants: Fun Sweets with 51,840 square feet and Red Bull North America, Inc. with 34,560 feet. The Cushman & Wakefield team represented Easton & Associates in both leases.
The property neighbors a 152,390-square-foot property at 700 103rd Ave., where the team also arranged a full-building lease renewal on behalf of tenant Millwork Sales in June.
The eight-member South Florida Industrial team led by Etner, Metzger and Thomson negotiated just over 12 million square feet of sale and lease transactions valued at more than $252 million in 2019. For more information, please visit www.southfloridaindustrialteam.com.