The building is available for immediate occupancy and features 3,800 square feet of office space, 36-foot clear heights, 48 dock doors, two drive-in doors, 60 trailer parking spaces and ample automobile parking spaces and outdoor storage facilities.
Prior to joining Colliers, he served as Senior Managing Director and Caribbean Market Leader at Newmark as well as Executive Vice President at CBRE.
Robert Smith, Kirk Nelson, and Jeff Kelly with CBRE Industrial & Logistics represented the seller in the transaction. The buyer was represented by NAI Miami.
The team will focus on representing owners, tenants, and investors of industrial property throughout Florida.
The transaction is the first West Palm Beach market purchase for ALP and continues the expansion of the firm’s national industrial footprint.The portfolio is 98% leased with a diverse rent-roll of over 40 tenants.
The joint venture currently expects to obtain debt financing and commence site development and construction of the initial phase of the project in the first quarter of 2024.
“Both of these properties are a classic value add where current rents are below market, purchase price way below replacement cost, short-term leases and some capital improvements to maximize the increase in value,” added Levitt. “It is very hard to find value add industrial properties in Florida and we are looking forward to rolling up our sleeves to make this a great long-term investment.”
Sansone Group’s Jeff Greenwalt, Pete Crane, and Hai Cao were essential to the deal’s execution.
The 9-acre site will be developed with a 10,103-square-foot office/flex building and a 135,540-square-foot warehouse/distribution facility.
With over 35 years of experience, he has participated in all aspects of commercial real estate, including development, property management, brokerage, receivership, and banking.