TLH Roseland FL LLC has acquired an industrial portfolio in Florida for $15 million.
The portfolio consists of five buildings in West Palm Beach, amounting to 57,282 square feet, as reported by the South Florida Business Journal. The cost of the portfolio was $262 per square foot.
Of the buildings acquired, four were developed between 1981 and 1987. The oldest one, which measures 3,500 square feet, was constructed in 1925.
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TLH, which is a unit of investment firm Twenty Lake Holdings, bought the properties from L&J Associates LLP.
The move comes after Twenty purchased an industrial property in West Palm Beach last month for $10.95 million.
For about a year now, Palm Beach in general has been one of the fastest-growing industrial regions. In the third quarter of 2023, the region joined the list as the 51 largest markets in the sector, according to a report from NAIOP.
New leasing activity in the second quarter in Palm Beach reached nearly 630,000 square feet, up 2.7 percent year-over-year, according to a report from Cushman & Wakefield. Plus, net absorption was 485,000 SF in the year-to-date ending June. While the vacancy ticked up by 40 basis points from the first three months of the year, asking rents shot up by 4.2 percent year-over-year.
Twenty Lake has 10 million square feet under its management, according to the real estate investment firm.
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