CBRE Arranges Sale Of 7-Building Small-Bay Industrial Portfolio

CBRE has arranged the $16.8 million sale of a seven-building, 95,325-square-foot industrial portfolio in Riviera Beach.

Tyler Kuhlman with CBRE Capital Markets in Boca Raton represented the buyer, Twenty Lake Holdings, and seller, r, in the transaction.

Located at 4574 Dyer Blvd., 4249-4261 Westroads Dr., and 6677-6687 42^nd Terrace N., the portfolio comprises seven, multi-tenant small bay industrial facilities across two adjacent business parks – the Dyer Road Industrial Park and the West Roads Industrial Park. The properties were built between 1979 and 1997 and the bay sizes range from 400 to 4,400 sq. ft. They feature 12’ to 19’ clear heights, 41 to 90 car parking spaces, and 24 to 50 drive-in doors. The portfolio was 93% occupied by a diverse tenant mix across various industries.

“The seller did a tremendous job arranging, managing and positioning this portfolio. It’s had historically high occupancy rates with a diverse tenant mix to minimize industry-specific risk,” said Kuhlman, a First Vice President with CBRE. “The sale allowed the buyer to enter a high-barrier-to-entry market and the opportunity to take advantage of favorable remaining lease terms in a market experiencing steady rent increases.”

The Palm Beach County industrial market ended 2024 with 41,681 square feet of positive net absorption, surpassing 2023’s performance, according to CBRE Research. The Riviera Beach submarket recorded 82,912 square feet in net absorption in the fourth quarter of 2024 with the market’s second-highest average asking lease rate at $18.59 per square foot.