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RIVIERA BEACH, FL-A three-person private partnership has sold Gran Park at Lewis Terminals, a seven-building warehouse/industrial complex for $23.5 million. The 318,660-sf property fetched about $73.75 per sf. The buyer is a joint venture between Itasca, IL-based Hamilton Partners and Florida-based Donner Properties.

The complex is located on 32 acres and contains a mix of office/flex, warehouse/distribution and cross-dock industrial buildings. The buildings were constructed between 1982 and 1991, and, at the time of the sale the complex was approximately 89% leased, according to Dominic Montazemi, an associate in the Boca Raton office of CB Richard Ellis. He and J. Scott O’Donnell, first VP in that office’s private client group, represented the seller. Ken Donner of Donner Properties spoke for the buyer.

O’Donnell tells GlobeSt.com there were a multiple of offers, a consequence of the active industrial market here and the size of this facility. Montazemi says this caused the team to market it to institutions as well as private buyers. According to O’Donnell, “rental rates vary significantly because of the multiple property types,” and says they range from about $6.50 per sf to $12 per sf.

He says his team has participated in more than $500 million in transactions representing the sale of more than six million sf in Broward and Palm Beach counties since the beginning of this year. “Pricing for nearly all of our sales have been bid up by and/or won by aggressive local buyers,” he adds.

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