Arden Logistics Parks (ALP), a subsidiary of Arden Group, announced the acquisition of the Landmark West Palm Industrial Portfolio, a three-building, 195,532-square-foot portfolio of shallow-bay industrial assets located at 1300 North Florida Mango Road in West Palm Beach.
The transaction is the first West Palm Beach market purchase for ALP and continues the expansion of the firm’s national industrial footprint.The portfolio is 98% leased with a diverse rent-roll of over 40 tenants.
“The Landmark West Palm Industrial Portfolio offers excellent tenancy and an irreplaceable location in the desirable West Palm Beach market,” said Craig A. Spencer, Chairman and CEO of Arden Group. “We believe these properties are well-positioned to take advantage of the surrounding amenity base and great location and we’re pleased to add these assets to the ALP portfolio.”
”This acquisition continues the ALP strategy of buying well-located assets with strong occupancy rates,” said Christian Vergilio, Director of Acquisitions for ALP. “The previous owner was looking to exit the investment and we were able to acquire the portfolio through an off-market transaction that allows us to obtain immediate scale in this primary, outperforming South Florida industrial market.”
The Landmark West Palm Industrial Portfolio benefits from convenient access to key arterial roadways, including Interstate 95 and Okeechobee Boulevard (State Rd. 704), and sits adjacent to the Palm Beach International Airport.
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