CBRE Arranges Sale Of Historic Downtown Delray Beach Industrial Property
The 0.47-acre property is in the heart of downtown Delray Beach and is among the few remaining infill industrial buildings in the city’s central business district.
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The 0.47-acre property is in the heart of downtown Delray Beach and is among the few remaining infill industrial buildings in the city’s central business district.
The logistics project is expected to break ground later this year.
Nick Hassan, Jonathan De La Rosa and Eduardo Toledo of Marcus & Millichap exclusively marketed the property on behalf of the seller.
Alamar Senior Living offers 105 assisted living and 29 memory care units that are 96% occupied.
The property was acquired by Miami-based structural shell contractor Tekton Construction Corporation.
The financing is reportedly the largest HUD loan issued in Florida, as well as the largest multifamily loan approved by HUD’s Southeast regional office and the biggest HUD transaction completed by Dwight Capital.
Longpoint was represented by Jose Sasson-Lerner and Roberto Susi of Axiom Capital Advisors. Ralph Merritt of Commercial Property Group represented the seller in the off-market transaction.
Scheduled to open in August, the 10,000-square-foot space will serve as the company’s operational and creative hub as the company continues to expand. Close to 20 employees have relocated from Baltimore to support the company’s next phase of growth. The company also plans to hire between 30-60 additional full-time Miami-based employees over the next year.
JLL represented the borrower in securing the three-year loan through S3 Capital.
Cushman & Wakefield’s Stuart Duffin, SIOR, CCIM, and JJ Sanguily represented the seller in the transaction.
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