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DELRAY BEACH, FL-Rreef has acquired Levenger Co.’s 229,000-sf office and distribution facility at 420 Congress Ave. for $21.2 million. The property is situated on a 13-acre site and includes three acres of undeveloped land.

Under the deal, Levenger will lease a portion of the office space and continue to maintain its headquarters at the location. Jones Lang LaSalle managing director Guy Ponticello, managing director Jubeen Vaghefi and vice president Sean Tu represented Levenger. Levenger sells products for reading and writing, such as reading lamps.

“The Levenger property is a well-maintained distribution facility in the up and coming Congress Avenue Corridor in the Palm Beach County industrial market that has just 3% vacancy,” Ponticello says. “It offers great visibility along Congress Avenue, supreme amenities from the adjacent municipal golf course and easy access to Interstate 95, the Florida Turnpike and Tri Rail commuter train.”

To encourage more retail and residential development, Delray Beach city officials have recently approved a new zoning code called Mixed Residential Office and Commercial that applies to properties in the Congress Avenue Corridor. Under the change, property owners are permitted to develop retail and residential uses, in addition to the existing office and industrial uses, in higher densities. “Rreef has substantial industrial buildings in the South Florida market,” says Vaghefi. “They will be a great landlord for Levenger Co. and other tenants that will move into this facility.”

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