Marcus & Millichap Brokers Sale Of West Palm Industrial Property
Marcus & Millichap announced the sale of Landmark Small-Bay Auto Center, a four-building property in West Palm Beach.
The asset sold for $11.4 million.
Douglas Mandel, Zach Levine and Cody Hershey of Marcus & Millichap exclusively marketed the property on behalf of the seller, PMD Capital Management, and procured the buyer, Pugliese Creative Ventures.
“We continue to see strong demand for well-located industrial properties throughout South Florida, particularly for functional, multi-tenant small-bay assets that cater to a broad range of local businesses,” said Levine, Director Investments in Marcus & Millichap’s Fort Lauderdale office.
“Landmark Small-Bay Auto Center generated significant interest from both local and out-of-market investors given its location, strong occupancy and diverse tenant base,” continued Mandel, Executive Managing Director in Marcus & Millichap’s Fort Lauderdale Office.
The property, located at 2348-2360 N. Military Trail, spans 43,125 square feet on a 4.2-acre lot. Suite sizes range from approximately 1,700 to 7,300 square feet. The property was built in 1989 and includes 54 grade-level loading bays with overhead doors, three two-way entrances and 160 parking spaces. Landmark Small-Bay Auto Center is fully occupied by 12 tenants. Approximately two-thirds of the tenancy is comprised of automotive users, and the rest are a mix of retail, service-oriented and traditional small-bay industrial tenants.
The property is situated along one of West Palm Beach’s primary commercial corridors, adjacent to Keiser University and close to Interstate 95 and Okeechobee Boulevard. Nearby amenities include shopping centers, restaurants and other service-oriented businesses.
Key Facts
- Property: Landmark Small-Bay Auto Center
- Location: 2348–2360 N. Military Trail, West Palm Beach
- Asset Type: Multi-tenant small-bay industrial
- Transaction Type: Sale
- Buyer: Pugliese Creative Ventures
- Seller: PMD Capital Management
- Size: 43,125 square feet across four buildings on 4.2 acres
- Price: $11.4 million
- Brokers: Douglas Mandel, Zach Levine and Cody Hershey of Marcus & Millichap represented the seller and procured the buyer.
- Other Notable Details: Fully occupied by 12 tenants; built in 1989; 54 grade-level loading bays and 160 parking spaces. Approximately two-thirds of tenants are automotive users.