Once completed in the spring of 2022, the project will be a state-of-the-art warehouse facility with modern features such as a 36-foot clear height and 110 dock-high doors.
Here are the most popular news headlines this past week on CRE-sources.
With a sale price of ±$185 per square foot, the sale established a new high watermark for small bay warehouses.
Stiles Vice President Bill Pace negotiated the transactions.
The firm moved from Palmetto Park City Center at 120 E. Palmetto Park Road.
Drew A. Kristol and Kirk D. Olson, both Senior Vice Presidents of Investments in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, Konover South.
The West Palm beach portfolio encompasses 309 units in garden style properties.
The prime new location marks Moxies’ second restaurant in Florida and sixth in the U.S. as Moxies restaurants continue to gain popularity across the U.S.
The company occupies 350,000 square feet in Tamarac including within Westpoint Distribution Center, a warehouse park neighboring Westpoint Business Center.
CBRE arranged the loan for the $174 million purchase to a joint venture between funds managed by Honolulu-based Trinity Fund Advisors LLC, an affiliate of Trinity Real Estate Investments LLC (“Trinity”), and New York-based private equity firm Certares Real Estate Management LLC.