CBRE Arranges Sale Of Two-Building Industrial Portfolio In Riviera Beach

CBRE has arranged the $34 million sale of a two-building industrial portfolio totaling 180,500 square feet in Riviera Beach.

CBRE’s Robert Smith and Kirk Nelson represented the buyer, SL Acquisitions LLC, a Silverman Group Company, in the transaction and will handle leasing efforts under the new ownership. The seller was RLIF Riviera Beach SPE LLC.

The portfolio includes 1701 Australian Ave., a 69,500-square-foot property fully leased to a single tenant, and 2001 Australian Ave., a 111,000-square-foot multi-tenant property with contiguous space available for lease ranging from 13,500 to 85,200 square feet. The new owner is renovating the properties.

Both buildings feature office space, 28-foot clear heights, dock and ramp loading, heavy three-phase power and rail service, making them suitable for logistics, distribution and manufacturing users. Both properties also include yard space and are fully sprinklered, offering operational flexibility. The portfolio is strategically located within Gran Park at Lewis Terminals with immediate access to Interstate 95 and proximity to the Port of Palm Beach.

“This was a rare off-market transaction that ultimately traded in line with market pricing based on the vacancy in place,” said Smith, Executive Vice President at CBRE. “This portfolio provides significant scale in a supply-constrained submarket and offers the buyer long-term upside given its strategic location and functional building features.”

 

“We were attracted to this opportunity because it aligns with our strategy of acquiring well-positioned industrial assets with opportunities for value creation,” said Toby Nelson, Executive Vice President at The Silverman Group. “The acquisition further expands our presence in South Florida and strengthens our industrial portfolio in a market with strong long-term fundamentals.”\

The Palm Beach industrial market is stabilizing, with vacancy at 7.7% and rents averaging $13.87 per square foot in Q1 2026, according to CBRE Research. Core submarkets like Riviera Beach continue to outperform, with vacancy at 5.1% and rents at $16.25 per square foot. Its proximity to major transportation infrastructure and limited supply continue to attract institutional and private capital.