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| Congress Industrial Square, Delray Beach, FL |
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| Matthew McAllister |
Senior Director Christopher
Thomson, Associate Director Matthew
McAllister, Executive Director Chris
Metzger, and Executive Director Rick
Etner represented Congress Industrial Square, LLC in the sale of the
multi-tenant industrial space to Delray Business Center, LLC.
The transaction was valued at $2,725,000.
The transaction was valued at $2,725,000.
Congress Industrial Square was built in 2000 and is located
at 125 North Congress Avenue. It features 24’ clear ceiling heights, one
dock-high door, 18 grade-level doors and 90 parking spaces. The facility is
100-percent leased and offers immediate access to Interstate 95 and Atlantic
Avenue.
The property is located in the Palm Beach industrial market
which has been buoyed recently by increased seaport activity. As users clamor
to capitalize on this economic upswing, the demand for assets like Congress
Industrial Square has increased.
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| Christopher Thomson |
“Activity at the ports increased, providing new
opportunities for the region’s many logistics and trade related firms,” reads
Cushman & Wakefield’s Q4 2014 Palm Beach Industrial MarketBeat Report.
“Proximity to mass distribution markets, ports, and freeways
add to the heightened demand … however, land is in short supply and very
expensive, so there is a very high barrier of entry for new development
projects.”
The dearth of available product has not deterred investors.
They have simply discovered other avenues into the market.
“Pricing has pushed some investors out of the local
distribution market,” explained Thomson. “They’re still looking to place money,
though, and flex product is currently a very viable and desirable option.”
For a complete copy
of the company’s news release, please contact:
Christopher Thomson, SIOR
Senior Director
(561) 227-2020
christopher.thomson@cushwake.com
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