Palm Beach County Industrial Building Fetches $41 Million

Dec 20, 2018 No Comments by

An industrial building in Jupiter that serves as the headquarters of Power Systems Manufacturing was sold for $40.8 million.

Florida Land Fund III LLC, managed by Michael Nortman of Jupiter-based Nortman Investments, sold the 189,349-square-foot building at 1440 West Indiantown Road. The buyers were Jupiter Industrial, 4188 Jupiter Industrial, GRC Jupiter Industrial, and BPA Jupiter Industrial – all affiliates of Norfolk, Virginia-based Harbor Group International.

JPMorgan Chase Bank provided a $27.25 million loan to the buyers.

The purchase price equates to $215 per square foot.

The last time the entire property traded was in 2007 for $16.54 million. It was built on the 13.3-acre site in 1968.

 

Source:  SFBJ

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Industrial / Flex, Industry News, NA, Palm Beach County Industrial / Flex
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