WEST PALM BEACH, FL—Capitalizing on the strong industrial leasing activity in the West Palm Beach region, Avison Young reports it has completed the sale of the Business Park One flex/industrial park here.
The three-building, 53,000-square-foot property at 3866 Prospect Ave. in the Riviera Beach submarket of West Palm Beach sold for $3.25 million to 2020 Properties, LLC.
Avison Young's West Palm Beach-based Jonathan Satter, principal and managing director, and Jon Elson, associate, worked together with Fort Lauderdale-based David Duckworth, vice president of investment sales, on the disposition of the asset on behalf of the seller, Kenneth and Gerald Kosloski.
The West Palm Beach second quarter 2014 industrial market's average leasing rate increased by 2.9% from Q2 2013 according to recent market reports. Currently boasting strong occupancy, but with short-term leases, the Avison Young team was able to market Business Park One as a value-add investment with the potential for increased revenue stream through the uptick in lease rates, company officials say.
“The Riviera Beach submarket has experienced increases in rental rates since 2013 and strong leasing activity, boosting confidence for those looking to invest in the area,” Duckworth says.
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