Genet Property Group Buys FL Industrial Portfolio
- Jan 10, 2019
Genet Property Group has acquired a five-building industrial portfolio in West Palm Beach, Fla., for $12 million. Cushman & Wakefield negotiated the deal on behalf of the seller, The Silverman Group, and arranged $6 million in financing for the buyer.
The portfolio includes Fairfax Industrial Park at 1700 Avenue L. in Riviera Beach and 7150 Devons Road in West Palm Beach. Fairfax Industrial Park encompasses four buildings totaling 125,400 square feet. The properties were built in 1971 on a 5-acre lot. Features include 20 units with a total of 10 dock-high and 37 grade-level, drive-in loading positions. The park is home to 15 tenants occupying an average of 6,270 square feet.
At the time of sale, the complex was 90.4 percent leased. Tenants include LVI Intermediate Holdings Inc., Statewide Windows & Doors Inc. and J.G. & L. Cabinetry and Design Inc. Fairfax Industrial Park provides close proximity to Interstate 95, Old Dixie Highway, U.S. Highway 1, Blue Heron Boulevard, Australian Avenue, Port of Palm Beach and Palm Beach International Airport.
The property at 7150 Devons Road comprises 21,800 square feet. Constructed in 1987 on a 2.3-acre site, the asset features 1,650-square-foot bays and 12 drive-in loading positions. At the time of sale, it was 100 percent leased. The building is located near Interstate 95, Military Trail, Beeline Highway and Blue Heron Boulevard.
The Cushman & Wakefield Capital Markets team of Senior Associate Greg Miller, Executive Director Scott O’Donnell and Managing Director Dominic Montazemi, along with CBRE Executive Vice President Robert Smith, arranged the sale. Cushman & Wakefield’s Senior Director of the Equity, Debt and Structured Finance Group, Jason Hochman, assisted the buyer in securing long-term financing for Fairfax Industrial Park, sourced through Aegon Real Assets U.S.
In July, members of the same team brokered the $34.8 million sale of Kendall Summit Office Park in Miami, on behalf of TA Realty. COFE Properties purchased the six-building campus, in which Cushman & Wakefield also arranged $26 million in acquisition financing.
Images courtesy of Cushman & Wakefield