An 8.7-acre site in West Palm Beach, FL has sold for $5 million. The flex/industrial site has an existing 141,186 square foot office building and warehouse space, which has been repositioned into the market place after requiring significant capital improvements through the debt restructuring process. CF EB REO II sold the property to La Boheme in an all cash transaction.
The deal was complicated by the fact that a transaction with a national transportation company was in negotiation for a 17,000 square foot lease, that when signed, boosted the property to 100% occupancy.
Frank McCarthy, Senior Vice President at Colliers who represented the sellers said, “The Dixie corridor is gaining redevelopment momentum. This transaction is reflective of the increasing demand in both industrial and income producing properties in Palm Beach County.”
