Genet Property Group Unloads Palm Beach County Warehouses For $29 Million

A New York-based real estate firm has acquired a pair of warehouse portfolios in Mangonia Park for a total of $28.5 million.

In the larger transaction, WP Portfolio Property Owner LLC, led by Edward J. Kulik Jr. of LRC Properties, purchased 113,717 square feet of warehouse space at 5490 Dexter Way and 1525 53rd St. for $20.85 million. The properties, previously owned by Dexter Way LLC, an entity managed by Benjamin J. Genet of Genet Property Group, were valued at $9.55 million in 2021. The warehouses, situated on a 6.27-acre site, were originally built between 1972 and 1981.

In a second sale, WP Portfolio Property Owner also acquired 41,880 square feet of warehouse space at 7540 and 5750 Columbia Circle for $7.65 million from Columbia Circle LLC, another Genet-led entity. These buildings, constructed in the late 1970s on a 2.18-acre site, were last sold in 2021 for $3.88 million, reflecting a significant increase in value.