Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of the West Palm Industrial Portfolio, a three-property industrial portfolio totaling approximately 116,000 rentable square feet in Palm Beach County, Florida. The portfolio sold for an undisclosed price.
“The West Palm Industrial Portfolio has historically maintained high occupancies and at the time of the sale was 98% occupied by a diverse mix of tenants,” said Douglas K. Mandel, IPA executive managing director. “Palm Beach County’s industrial submarkets have seen a significant rise in demand, with positive absorption and decreasing vacancies creating strong market conditions.” Mandel and Tyler S. Kuhlman and Zachary Levine of Marcus & Millichap represented the seller, HH PB Industrial LLC, and procured the buyer.
“At approximately 2.7%, Palm Beach’s industrial vacancy rate is one of the lowest in Florida,” added Kuhlman. All three properties are centrally located with access to Interstate 95 and Florida’s Turnpike. Downtown West Palm Beach and Palm Beach International Airport are within a short drive of them all.
The properties are:
- Fairfax Center, a three-building, 34,695-square-foot property built on 2.8 acres in 1987 along Military Trail in Riviera Beach
- Hopo Center, a 27,400-square-foot industrial building constructed on 1.89 acres in 1981 near Australian Avenue and 45th street in Mangonia Park
- Watertower, a three-building property built in 2000 on 3.32 acres near Congress Ave. and Northlake Boulevard in Lake Park
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com
