The Silverman Group Sells South FL Industrial Park
- Mar 12, 2019
The Silverman Group has completed the sale of Interstate Industrial Park, a 160,302-square-foot, small-bay industrial portfolio in Riviera Beach, Fla. An entity led by Harry Spitzer paid $11.7 million, or $73 per square foot, for the three-building property. According to Palm Beach County records, A10 Capital provided $7.9 million in acquisition financing.
Located on 3 acres at 6555 Garden Road, the first asset is a one-story concrete and metal structure completed in 1987. The 18-unit building features 14- to 18-foot clear heights, sprinklers throughout and grade-level rear loading docks. The second and third properties, situated at 6557 Garden Road and 3541 M.L.K. Jr. Blvd., were developed in 1968 on a 2-acre site and feature a total of 31 units, sprinklers, 16-foot clear heights and grade-level front and rear loading doors.
Greg Miller, Scott O’Donnell, Dominic Montazemi and Jason Hochman of the Cushman & Wakefield Capital Markets’ team, along with CBRE’s Robert Smith and Kirk Nelson, represented the seller. Adam Robbins of ARC Equities worked on behalf of the buyer.
“The fact that the assets are located in an Opportunity Zone, potentially affording tax advantages, drove further interest from potential buyers,” O’Donnell said in a prepared statement.
Interstate Industrial Park was 98 percent leased at the time of sale to tenants including the City of Riviera Beach, Palm Beach Laundry and Saf-Glas. Centrally located in Palm Beach County, the property provides convenient access to West Blue Heron Boulevard and the 45th Street interchanges of Interstate 95.
In January, Cushman & Wakefield represented The Silverman Group in another industrial deal—the sale of a five-building portfolio in West Palm Beach, Fla. Genet Property Group acquired the portfolio for $12 million.
Image via Google Maps