Lake Park Industrial Portfolio Sells For $5.9M

Cushman & Wakefield announced the sale of Lake Park Portfolio, a 196,000 square foot, 12 building asset in the vicinity of Old Dixie Highway in Lake Park. Cushman & Wakefield’s Christopher Thomson, Rick Etner, Sky Groden, Chris Metzger, Michael Lerner and Mike Davis represented the seller, Lake Park Portfolio, LLC. The buyer was Kelsey Industrial, LLC.
“This property sale shows the renewed confidence in the small bay industrial market and validates the trend that occupancy and rates are improving in the area,” said Mr. Thomson.
The sale included properties located at 700, 850, 870, 902, 990, 1050, 1200, 1250 & 1375 Old Dixie Highway, 1210 & 1230 Gateway Road, and 1140 Watertower Road located in Lake Park in Palm Beach County.
The Lake Park/North County submarket has continuously outperformed the market overall and been the most active submarket in recent months capturing the majority of the county’s leasing activity with 331,807 square feet of new transactions in 2012. Office service product accounted for approximately 30% of the leasing activity and the lowest vacancy rate out of all three product types in the submarket.
As the economy improves and consumer and business confidence continues to build, Cushman & Wakefield anticipates the Lake Park/North County submarket will continue to demonstrate positive progress in the near term. The absence of new product in the construction pipeline and the swell in tenant demand is expected to result in a tightening of market fundamentals for the remainder of 2013 and beyond.