Marcus & Millichap’s IPA Division Brokers $90.5 Million Sale Of 400 Multifamily Units In West Palm Beach
The sale is one of the largest condominium-to-multifamily rental conversions in Florida.
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The sale is one of the largest condominium-to-multifamily rental conversions in Florida.
The milestone follows the final 76,605-square-foot lease to Vision Aerospace, an FAA- and EASA-certified Part 145 repair station, bringing the project to 100% occupancy on behalf of the owner, Link Logistics.
Upon completion of the MOB, NAI Miami | Fort Lauderdale will serve as the exclusive leasing representative.
The campus contains roughly 338,000 square feet of industrial and office space across approximately 10 buildings. The transaction equates to approximately $293 per square foot.
The acquisition includes the iconic five-story, 35,455-square-foot landmark building located at 100 NE 1st Avenue, as well as an adjacent 15,000-square-foot vacant lot.
The retail strip totals 30,250 square feet on a 3.74-acre lot.
The national construction firm will occupy the top floor of the four-story building.
Coast Logistics will replace a former real estate education facility on North Hiatus Road.
The $32 million transaction closed quickly as an all-cash 1031 exchange acquisition, trading at a record price per unit for the submarket and a cap rate below 5 percent.
Alphabet has expanded its presence at 1450 Brickell Avenue from approximately 10,000 square feet to 45,000 square feet, adding another major technology company commitment to Miami’s office market.
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