BOCA RATON, FL-Supply and demand figured in the $7.28-million sale of a 26-year-old warehouse building to Denver-based ProLogis in this affluent Palm Beach County community, according to brokers who handled the transaction. The global distribution center developer paid $104 per sf for the 70,131-sf Clint Moore Building, says Bob Sullivan, president of West Palm Beach-based RJS Realty Group.
A private investor, who sold the property to ProLogis, paid $5.61 million or about $80.10 per sf in November 2004, Sullivan says. The one-story, 69%-occcupied building, has 24-foot clear height with dock high doors. Computer Products & Services, the only tenant for more than 10 years, occupies 48,096 sf. The building, located just northeast of the Arvida Park of Commerce and near Interstate 95, was built in 1980 by Fort Lauderdale-based Stiles Corp.
Sullivan represented the seller. Jeff Kelly, a senior vice president, and Chris Gallagher, senior associate at CB Richard Ellis Inc., negotiated for ProLogis. Sullivan calls the property "an exceptionally situated property with unique upside potential. It enjoys excellent exposure on heavily traveled Clint Moore Road and has easy access to the interstate." Sullivan says the sale marks the third time RJS has sold the same property since 1980.
The broker says ProLogis owns, manages or has under construction more than 2,330 distribution facilities in 79 markets throughout North America, Europe and Asia.
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