A portfolio of 38 small bay industrial properties across Palm Beach County has been scooped up by the Silverman Group in a $50.1 million deal. The 915,887 sqf industrial portfolio is located in West Palm Beach: Garden Business Center, Fairfax Center, Dyer Business Park on a combined 53 acres. Built between 1971 and 2003, the entire assemblage is 100 percent leased to 218 tenants with an average unit size of 4,200 sqf. The transaction averages out to just under $55 per sqf. Cushman & Wakefield’s Scott O’Donnell, Dominic Montazemi, Greg Miller, Mike Davis and Robert Smith represented the seller, a private trust managed by Fred Keller.
“Palm Beach County has blossomed into one of the most coveted industrial investment markets in the United States as a result of growing underlying demand fundamentals and exceedingly high barriers to entry,” said Cushman & Wakefield’s Scott O’Donnell. “Due to increasing land values and construction costs, new competitive supply of small bay industrial assets has been extremely limited. The opportunity for investors to acquire a stable portfolio of small bay assets of this size and scale combined with the ability to grow in-place rents on an immediate basis made the Palm Beach Small Bay Industrial Portfolio truly a once-in-a-lifetime investment proposition”.
