The transaction is the first West Palm Beach market purchase for ALP and continues the expansion of the firm’s national industrial footprint.The portfolio is 98% leased with a diverse rent-roll of over 40 tenants.
The joint venture currently expects to obtain debt financing and commence site development and construction of the initial phase of the project in the first quarter of 2024.
“Both of these properties are a classic value add where current rents are below market, purchase price way below replacement cost, short-term leases and some capital improvements to maximize the increase in value,” added Levitt. “It is very hard to find value add industrial properties in Florida and we are looking forward to rolling up our sleeves to make this a great long-term investment.”
Sansone Group’s Jeff Greenwalt, Pete Crane, and Hai Cao were essential to the deal’s execution.
The 9-acre site will be developed with a 10,103-square-foot office/flex building and a 135,540-square-foot warehouse/distribution facility.
With over 35 years of experience, he has participated in all aspects of commercial real estate, including development, property management, brokerage, receivership, and banking.
The acquisitions come after Redfearn Capital’s acquisition in March 2023 of a 138,200-square-foot property situated on 10.8 acres located at 201 Busch Drive, within Imeson Industrial Park in Jacksonville, and an industrial outdoor storage (IOS) facility located at 1595 SW 4th Ave in Delray Beach.
C. Todd Everett, an investment specialist in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor.
Last week, I called my contact in Tallahassee and confirmed that my interpretation was correct.
For over four decades, he has actively excelled in the commercial real estate industry, gaining knowledge and expertise across retail, office, medical leasing, land assemblage, acquisitions/dispositions, and development.