Avison Young Completes Miami, West Palm Beach Industrial Sales

Wayne Schuchts of Avison Young represented the seller, Illinois Tool works, Inc., in the sale of an industrial building at 4795-4800 NW 157th St. in North Miami Beach to Techno Coatings, Inc. for $3.3 million, or about $56 per square foot.
The single-story, 59,022-square-foot industrial building was built in 1983.
Rafael Villamizar of Vertical Strategies represented the buyer.
In another deal, Michael Walters, Principal with Avison Young, represented the seller, Claire A. Harrington, in the sale of 1711 Upland, an industrial property spanning 34,500 square feet located at 1711 Upland Road in West Palm Beach, for $2.1 million to Flagler Systems Management, Inc.
“This combined manufacturing, warehouse and office showroom property’s large land parcel contributed to it being an attractive option for multiple businesses,” said Walters.
This recent transaction is an indication that 2013 end of year reports remain bullish. With 2013 4^th Quarter market reports indicating strong tenant confidence based on new leases, renewals and numerous sales completed at the end of the year, the Palm Beach County industrial market is poised for continued growth and stability.
1711 Upland is located in the southwestern section of the city of West Palm Beach.