$500M Industrial Fund Closes; Brings Black Salmon’s Investment Fund Total To 3/4 Of A Billion Dollars
The industrial fund intends to identify and make investments over the next 24 months with various operating partners.
The industrial fund intends to identify and make investments over the next 24 months with various operating partners.
Gridline Properties represented both sides of the off-market transaction, marking one of the highest price-per-square-foot industrial trades in Palm Beach County.
A partnership between Ft. Lauderdale-based Mitchell Property Realty, Inc. and Atlanta-based Ridgeline Property Group acquired the property and plan on developing a 227,000-square-foot spec office, warehouse, distribution facility located inside Westlake Landings, a 50-acre master-planned business park located off Seminole Pratt Whitney Rd.
For the past 33 years, he has operated a successful brokerage and property management company.
The final sale price was $22 million, equating to $155 per square foot.
This marks the fourth time winning this prestigious honor from NAIOP’s South Florida Chapter in the past six years.
JLL Executive Managing Director Sky Groden, Vice President Evan Christiansen, and Vice President Jeremy Cain, will be leading leasing efforts on behalf of the building owner.
An industrial real estate veteran with 30 years of experience was tapped to lead the new venture.
“These highly regarded industry professionals bring decades of experience and local market knowledge that will prove to be invaluable as we continue to grow our regional portfolio of state-of-the-art industrial real estate assets in order to meet ever growing market demand.”
The portfolio sold for $49 million.
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