West Palm Beach Industrial Property Trades, Triples Value
Avison Young’s Brian C. de la Fé led a team that represented Boca Raton-based seller 2020 Properties in the disposition to buyer Twenty Lake.
Avison Young’s Brian C. de la Fé led a team that represented Boca Raton-based seller 2020 Properties in the disposition to buyer Twenty Lake.
The leases total 14,201 square feet, or approximately 10% of the total rentable space.
The 64-month renewal comprises two full floors, keeping the 4-story building 98 percent occupied.
The $353-per-square-foot transaction far surpassed the current $225-per-square-foot market average for office investment sales.
Donna Abood, Joe Abood, and Peyton Dowd of Avison Young represented FECR in the transaction.
The team will focus on representing owners, tenants, and investors of industrial property throughout Florida.
One of the most notable transactions is a 116,000 square-foot, new-to-market lease deal inked at SFLC Building 6 with MARVAL, a premier Chilean-based Maritime Transport and Logistic Services provider.
Danny Finkle, Eric Williams, Jorge Portela, Ike Ojala and Kim Flores of JLL’s Miami office represented the seller, and John Crotty and Michael T. Fay of the Avison Young’s Miami office consulted with both parties on the transaction.
The buyers own Total Research Group (TRG), which performs high-quality clinical trials that lead to the development of lifesaving medical advances.
Procacci has owned the land since at least 2013.
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