Marcus & Millichap Sells Lake Park Industrial Building

Marcus & Millichap negotiated the sale of an 8,500-square-foot, small-bay industrial building located on a half-acre lot in Lake Park.

The asset sold for $1,600,000.

“With historically low vacancy rates and increasing rents, there continues to be strong demand for well-located industrial assets,” said Zach Levine, associate. “The property provides tremendous upside through increasing rental rates.”

Levine, Douglas Mandel and Josh Gilbert, investment specialists in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a local private investor, and procured the buyer, Palm Beach Storage Solutions LLC.

The industrial property at 1330 S. Killian Drive is located less than a mile east of Interstate 95, just south of Northlake Boulevard, off Old Dixie Highway. The surrounding area primarily consists of light industrial, warehouse, and flex buildings. The property, fully occupied by a diverse mix of 28 tenants, features 26 bay doors with 14-foot ceilings and 12-foot clear heights. Tenant spaces range from 250 to 725 square feet.