The Genet Property Group has purchased the Mangonia Business Park in Mangonia Park for $2.4 million or just under $49 per square foot. The facility is located just east of I-95 on the west of side of the Port of Palm Beach at 4711 Australian Avenue. Completed in 2005, the center has tilt-wall construction with 32 bays and hurricane-impact construction, along with 18-foot clear height. Sitting on a 6.78 acre site with 121 parking spaces, the property was 90 percent leased when the deal closed. CBRE Investment Properties arranged the sale of the asset.
“This micro-market is a location of choice for local businesses serving northern Palm Beach County, where the market as a whole is projected to experience robust rental growth through at least 2020,“ said Scott O’Donnell, Senior Vice President, CBRE Investment Properties. “Genet Property Group has quietly become one of the top small-bay industrial owners in Broward and Miami-Dade Counties.”
