The shallow bay industrial center is envisioned as a four-phase development that will ultimately deliver approximately 552,000 rentable square feet of industrial space, making it one of the most significant industrial projects underway in St. Lucie County.
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 property was 100% occupied at the time of the sale.
The company, which distributes engine components and supports aviation supply chains, is relocating from Pompano Beach.
The site has long attracted developer interest because of its scale, location and proximity to transit.
The 2.77-acre site currently includes about 18,740 square feet of aging industrial space.
The development plans include building an additional 392,000 square feet for a total of three planned state-of-the-art industrial buildings.
The move, the Chicago-based firm says, reflects the evolution of its business and operating platform after 25 years.
The assets total 197,608 square feet.
The South Florida-based commercial real estate investment firm is targeting high-quality Southeast U.S. acquisitions.