South Florida Warehouse Sells for Double in $55M Deal
By Julia Echikson June 25, 2024 5:33 pm
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Dalfen Industrial sold an industrial building in South Florida for $55 million — more than double what the Texas-based investor paid in 2020, property records show.
The buyer is LBA Realty, an investor based in Irvine, Calif. The newly acquired, 236,554-square-foot building sits on 16 acres at 3774 Interstate Park Road North in Riviera Beach, Fla., facing Interstate 95 between West Blue Heron Boulevard and MLK Jr. Boulevard.
The sale equates to about $232 a square foot.
Dalfen Industrial purchased the property north of West Palm Beach for $25.3 million four years ago, according to property records. The complex, which was completed in 1996, is home to a Serta Simmons Bedding manufacturing and distribution facility.
The purchase appears to be LBA’s first move in the South Florida industrial market in two years. It purchased a five-building complex, totaling 700,000 square feet, in Sweetwater for $198 million in December 2022. Later that year, the investor also bought a 25-acre vacant parcel in Hialeah for $29 million, where it’s developing a 462,954-square-foot warehouse in partnership with The Easton Group.
Representatives for LBA Realty and Dalfen Industrial did not immediately respond to requests for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
