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RIVIERA BEACH, FL-Alex Shelton LLC, doing business as Joy Enterprises, has purchased a local warehouse/distribution building for $1.4 million. The price equates to approximately $72.36 per sf for the 19,000-sf building.

Shelton purchased the building from Neil J. Gaeta, trustee. The property is located at 1862 Dr. Martin Luther King Blvd. in Port Commerce Center III. The building is brand new and has never been occupied.

In a move from Mangonia Park , FL, the company plans to use the space as a cutlery and sporting goods distribution facility.

In addition to this building, the developer, Gaeta, is planning to have 4,000 sf of offices built for the new owner, according to Kerry B. Jackson, the broker involved in the transaction.

The approximately $1.4 million price was for the new building shell and does not include the additional 4,000 sf, for which no price has been established, Jackson says.

Jackson, senior associate with the Palm Beach County office of CB Richard Ellis Inc., represented Alex Shelton LLC in the sale.

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