PetMeds has acquired the Delray Distribution Center for $18.5 million. The 185,624 square-foot, two-building industrial facility located is located on South Congress Avenue in Del Ray Beach. Trading for just under $100 per square foot, the buildings feature 26’ clear ceiling heights, dock-high and grade-level loading, a 150’ truck court, and substantial parking space. The seller, Stockbridge Capital, was represented by Cushman & Wakefield representatives. PetMeds, which was previously headquartered in Pompano Beach, will relocate its office and distribution headquarters to Delray Distribution Center.
“The industrial vacancy rate in Palm Beach County fell to 5.7 percent, its lowest level in five years, cutting in half the amount of available space in the market,” reported Senior Cushman & Wakefield Research Analyst Valerie Tatum in the company’s 4Q 2015 Palm Beach County Industrial MarketBeat Snapshot. “Every submarket in Palm Beach County was under 8.0 percent vacancy with most essentially having very little product vacant and ready for occupancy by new tenants. Moreover, only two industrial spaces over 100,000 square feet were vacant in the market.”
