MIAMI—Miami's industrial market is hot, and it's spilling over into other South Florida cities. The latest example is the sale of Southern Park of Commerce, a 73,563-square-foot warehouse in West Palm Beach, FL.
Pishon II Pike Road LLC sold the class A, small bay warehouse at 342-346 Pike Road to Tigertail Lake Warehouses LTD for $8 million or $108.75 per square foot.
CBRE represented the seller. The warehouse is 90% occupied.
“This sale confirms the strong demand and willingness for investors to capitalize on well-located 'best in class' small bay warehouse assets,” says Scott O'Donnell, senior vice president with CBRE's Private Capital Group. “The sale price reflects the market-leading rents commanded by the quality and location of this property, as well as scarcity of competitive product in Palm Beach County.”
Built in 2008, the industrial asset sits on 6.89 acres with immediate access to the Florida Turnpike. Southern Park of Commerce is a tilt-wall small bay warehouse with mostly drive-in bay doors.
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