The project includes 358 apartment residences, including 90 workforce housing units, as well as a 19,000 square feet of outparcel retail, in which Trader Joe’s which will occupy 15,000 square feet of the commercial space.
The property, purchased for over $8.5 million, consists of two buildings totaling 35,782 square feet on 3.25 acres.
Delivered in February 2020, the hotel is the only waterfront hotel in West Palm Beach offering direct proximity to Palm Harbor Marina.
Reese Stigliano, President of Stigliano Commercial Real Estate, represented the landlord in the transaction.
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The seller executed a sale-leaseback agreement at closing, allowing the company to continue occupying the property for 30 years.
The portfolio includes 11 buildings of single-story, highly functional small-bay industrial with 150 grade-level loading doors. The portfolio, which was completely renovated in 2023, is 98% leased to a diverse array of 62 tenants.
The new roadway creates a critical north-south thoroughfare connecting NW 34th Street and NW 41st Street through the heart of Doral’s Central Business District.
Steve Medwin and Nick Wigoda of Stream Realty Partners represented the landlord in the transaction.
The new team additions bolster Cushman & Wakefield’s capabilities in Florida’s burgeoning Treasure Coast and Space Coast regions.