Boynton Beach Industrial Property Trades for $36M
By Jeff Ostrowski April 12, 2024 3:05 pm
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Boynton Logistics Center, an industrial complex in Boynton Beach, Fla., has sold for $36.25 million, or $183 per square foot, Cushman & Wakefield (CWK) said.
The Palm Beach County property includes three buildings totaling 197,608 square feet on 8 acres of land.
The warehouses were sold by Elion Partners’ EV 1230 LLC and acquired by VK Acquisition VI LLC, a subsidiary of Venture One Real Estate.
The property last sold in 2020 for $25.85 million, according to property records.
Boynton Logistics Center is at 1200, 1210 and 1230 Southwest 35th Avenue. The buildings, constructed in 2000, 2005 and 2017, have ceiling heights of 30 to 36 feet.
Mike Davis, Dominic Montazemi, Rick Brugge, Rick Colon and Greg Miller of Cushman & Wakefield arranged the sale on behalf of both the seller and buyer. Rick Etner, Matthew McAllister, Christopher Thomson and Chris Metzger of Cushman & Wakefield’s South Florida industrial team will represent the buyer in leasing the property.
“This was a tremendous opportunity to acquire a critical mass of Class A industrial assets in an infill location at an attractive basis, further allowing Venture One to establish a significant position in the highly sought-after South Florida industrial market,” Miller said in a statement.
According to Cushman & Wakefield, Palm Beach County’s industrial vacancy rate was 4.3 percent in the fourth quarter of 2023. In the Boynton Beach submarket, the vacancy rate stood at just 1.7 percent.
Earlier this week, another three-building logistics park sold in nearby Broward County for $18.1 million. Powerline Commerce Park was built in 1989 and spans just under 80,000 square feet.
Jeff Ostrowski can be reached at jostrowski@commercialobserver.com.
