Cushman & Wakefield, SLG1 Realty Represent POC Realty In $19.25M Sale Of Small-Bay Industrial Property
Cushman & Wakefield teamed with SLG1 Realty to represent POC Realty in its $19.25 million sale of 15132 Park of Commerce Blvd., a multi-tenant industrial asset within the Palm Beach Park of Commerce.
SLG1 Realty’s Steve Garine partnered with Cushman & Wakefield’s Scott O’Donnell, Greg Miller, Mike Ciadella, Miguel Alcivar and Zachary Ramoski to represent POC Realty in its sale to Nathan Albers, who was represented by David Burck with the Costello Deitz Group at Compass.
Originally constructed in 2008 for partial occupancy for a national distribution company, 15132 Park of Commerce Blvd. totals 102,503 square feet on 6.19 acres and was built specifically as a headquarters and distribution facility with Class A finishes throughout. The warehouse component at the property offers 25-foot clear heights along with dock-high and grade-level ramp loading positions and is currently occupied by four tenants ranging from approximately 10,000 to 27,000 square feet.
“15132 Park of Commerce Boulevard was broadly marketed and garnered tremendous interest from investors and owner-users alike,” said O’Donnell, Cushman & Wakefield Executive Managing Director. “Within 30 days of launching the marketing campaign, the ideal buyer emerged, an owner-user who needed space for their own manufacturing and HQ operations while valuing the in-place income from the remaining tenants. Steve Garine was instrumental in working through the successful relocation of an existing tenant to make way for the owner-user to occupy the space.”
Palm Beach Park of Commerce encompasses more than 1,200 acres of master-planned development with a dense concentration of logistics, manufacturing and corporate users, all located adjacent to one of the most demographically desirable communities in the U.S. The park offers strategic connectivity to Bee Line Highway (SR-710), I-95 and Florida’s Turnpike, supporting efficient regional distribution. Additionally, it is proximate to the Port of Palm Beach and Palm Beach International Airport, enhancing the development’s enhances long-term logistical viability.
Key Facts
- Property: 15132 Park of Commerce Blvd.
- Location: Palm Beach Park of Commerce, Jupiter, Florida
- Asset Type: Multi-tenant industrial
- Transaction Type: Sale
- Buyer: Nathan Albers
- Seller: POC Realty
- Size: 102,503 square feet on 6.19 acres
- Price: $19.25 million
- Brokers: Steve Garine of SLG1 Realty and Scott O’Donnell, Greg Miller, Mike Ciadella, Miguel Alcivar and Zachary Ramoski of Cushman & Wakefield represented the seller. David Burck of the Costello Deitz Group at Compass represented the buyer.
- Other Notable Details: Built in 2008; occupied by four tenants at the time of sale.
