Genet Property Group Unloads Palm Beach County Warehouses For $29 Million
A New York-based real estate firm acquired the pair of warehouse portfolios.
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A New York-based real estate firm acquired the pair of warehouse portfolios.
Sean Kelly, vice president at CBRE, said, “The submarket has attracted over 700,000 square feet of tenant relocations from other parts of Miami, as decision-makers prioritize proximity to home. Additionally, more than 150,000 square feet of new-to-Florida tenants have selected Coral Gables for their Miami headquarters.”
VSRE’s Raydel Enriquez, Raul Estrada, Andrea Montejo and Carlos Velasquez represented Terreno in the transaction.
The 140-unit luxury apartment community was completed in July 2023.
Colliers’ Erin Byers, Lauren Pace, and Frankie Castellanos represented the tenant in the transaction. CBRE’s Devin White represented the landlord.
The retail property traded for $325 per square foot.
Marc Smouha and Jonathan Marti with Corepoint RE brokered the off-market deal.
The 80,000-square-foot project will feature a limited collection of 16 luxury Car Studios, a members-only Clubhouse, an indoor Padel Club, and Imperial Moto’s signature café.
USPS will occupy the entire building.
Key tax incentives were passed this year that played a pivotal role in the acquisition, enabling the buyer to capture accelerated tax benefits and expand their portfolio of income-generating real estate assets.
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