CBRE Private Capital Group arranged the sale of Southern Park of Commerce, a 73,563-square-foot warehouse in West Palm Beach.
Pishon II Pike Road LLC sold the Class A, small bay warehouse at 342-346 Pike Road to Tigertail Lake Warehouses LTD, out of Hollywood for $8 million or $108.75 PSF. CBRE represented the seller. The warehouse was 90% occupied at the time of sale.
“This sale evidences the strong demand and willingness for investors to pay up for well-located ‘best in class’ small bay warehouse assets,” said Scott O’Donnell, Senior Vice President with CBRE’s Private Capital Group. “The sale price reflects the market-leading rents commanded by the quality and location of this property, as well as scarcity of competitive product in Palm Beach County.”
Built in 2008 and situated on 6.89 acres with immediate access to the Florida Turnpike, Southern Park of Commerce is a tilt-wall small bay warehouse with mostly drive-in bay doors. The property also includes a billboard along turnpike frontage and contains 20% mezzanine space.
The team, which includes O’Donnell, Vice President Dominic Montazemi, Vice President Jason Hochman and Associate Miguel Alcivar, specializes in the disposition of office, industrial and land properties in South Florida and has completed 47 transactions since 2011 representing over $310M in asset pricing.
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