Cushman & Wakefield has arranged the sale and financing of a West Palm Beach industrial building located at 1601 Hill Ave.
The final sale price was $22 million, equating to $155 per square foot.
Cushman & Wakefield’s Dominic Montazemi, Mike Davis, Scott O’Donnell, Greg Miller, Rick Brugge, Rick Colon, Chris Thomson, Rick Etner, Chris Metzger, Matthew McAllister, and Julie Miller with support from Alex Sulte represented the seller in the transaction.
Jason Hochman and Ron Granite of Cushman & Wakefield also secured $17.5 million in financing through SoundPoint Capital on behalf of the buyer.
The property was sold by Alliance HSP West Palm Warehouse LLC. Avid Asset Management, LLC, which is headed by Steven Samuels in alliance with Fogel Capital, acquired the property and was represented by Kapp Morrison LLP.
“The combination of strong population growth and the expanding need for on-demand delivery has placed upward pressure on industrial rental rates,” said Montazemi, Executive Managing Director at Cushman & Wakefield. “Avid recognized an opportunity to capitalize on this growth with a rare value-add opportunity at this in-fill location at 1601 Hill Ave.”
“The lender recognized an opportunity to finance an asset that has strong historical occupancy along with upside in rents in a tight industrial market,” added Granite, Director at Cushman & Wakefield. “Because Avid is an experienced sponsor, we were able to secure flexible, low-cost financing that aligned well with their business plan.”
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