EML Realty Partners, based in Jupiter, announced the acquisition of two new industrial properties in Fort Pierce.
The first property, located at 3904 Selvitz Rd., was purchased for $3.4 million. The property consists of three warehouses totaling close to 40,000 square feet, and is fully leased to two tenants.
Eric Levitt, founder of EML Realty Partners, and Dan Flamholtz and David Berg, Principals of Greenspring Realty Partners, bought this property together. The all cash deal closed within 30 days of EML Realty Partners contracting it.
“Dan Flamholtz and David Berg of Greenspring Realty Partners were my trusted partners for many years in Maryland before I moved my company full time to Florida and it is exciting to get to work with them again.” said Levitt. “This is the third acquisition we’ve done together in Florida in the last 60 days and I am looking forward to continuing this partnership due to the vast experience we share and our combined capital for value-add industrial deals all over the state of Florida.”
EML Realty Partners also announced the acquisition of 309 Angle Rd in Fort Pierce, FL, a 30,000 square foot industrial warehouse that has Sonic Boats as the tenant. The property was purchased for $2.85 million.
“Both of these properties are a classic value add where current rents are below market, purchase price way below replacement cost, short-term leases and some capital improvements to maximize the increase in value,” added Levitt. “It is very hard to find value add industrial properties in Florida and we are looking forward to rolling up our sleeves to make this a great long-term investment.”
EML Realty Partners specializes in the acquisition of opportunistic commercial real estate investments, specializing in value-add industrial all over the state of Florida. Prior to moving to Florida, EML Realty Partners was a very active and well-respected real estate firm in the Mid-Atlantic region.
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