Colliers' McCarthy, Fay Find New Owner For Repositioned Industrial Building

An 8.7-acre site located at 3301 Electronics Way, West Palm Beach has sold for $5 million.
The flex/industrial site has an existing 141,186-square-foot office building and warehouse space which had been redeployed into the marketplace after requiring significant capital improvements through the debt structure process.
Kevin McCarthy, Senior Vice President, and Michael T. Fay, Chairman and Founding Partner, represented the seller, CF EB REO II in the all-cash transaction. The transaction was on an accelerated time line because the buyer, La Boheme Properties Inc., was using a 1031 exchange on the acquisition.
The deal was somewhat complicated by the fact that a transaction with a national transportation company was in negotiation for a 17,000-square-foot lease that, when signed, pushed the property to 100% occupancy.
 

“The lease terms were agreed upon just prior to closing in order to get it across the finish line,” says McCarthy. “The Dixie corridor is gaining redevelopment momentum. This transaction is reflective of the increasing demand in both industrial and income producing properties in Palm Beach County.”

 
 

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