Avison Young Principals John K. Crotty, CCIM; David Duckworth; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; and Vice President Brian C. de la Fé represented Alton Road Invest, LLC, during the disposition
South Florida-based Two Roads Development acquired the 3.5-acre prime waterfront site with plans for an ultra-luxury branded residential property.
A new lease deal for 98,012 square feet brought the 677,318-square-foot logistics park to full occupancy.
The seller achieved 25% asset appreciation in 14 months with a strategic value-add plan.
Berger Commercial Realty/Corfac International Managing Director-Palm Beach County Michael Feuerman, Esq., SIOR, CCIM and Sales Associate Daniel Silver, along with Matt Sultenfuss, SIOR, Managing Partner at Tampa-based Avocat Group, negotiated the deal on behalf of the tenant.
“The Buyer plans to make capital improvements to the property,” explained Thiel. “These small bay warehouses/apartment properties are rare and great investments to have in today’s market.”
The building was originally built in the mid-seventies.
Due to the efforts of Berger Commercial Realty’s leasing team, more than 28,000 square feet of new lease deals and renewals have recently been executed, bringing this prime industrial center to reach 100% occupancy.
Fuse Specialty Appliances expanded from 18,650 square feet in Building F to 51,837 square feet into the newly constructed Building H.
Roger Zuniga and Stephen DiGiacomo represented AllPlus Computer Systems in the transactions.