Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Geneva Bays V, a 21,035-square footindustrial propertylocated in Lake Worth, Florida. The asset sold for $4,100,000.
“This sale reflects the continued strength of the small-bay industrial market in South Florida,” said Douglas K. Mandel, executive managing director investments.
Mandel, Tyler S. Kuhlman, and Zachary Levine, investment specialists in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, Geneva Bays 5 LLC. The buyer, PEQ LWCC TM LLC, was alsoprocured by Mandel, Kuhlman, and Levine.
Geneva Bays V is located at 1821 7th Ave. N., just south of 10th Avenue North and about a quarter mile west of Interstate 95.Built in 1976-1977, the 1.2-acre property features 67 bays with ten-foot clear heights, ranging in size from 215 to 520 square feet. Geneva Bays V is currently 98percent occupied with a diverse mix of tenants.
About Marcus & Millichap (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.
