Sales  ·  Industrial

South Florida Warehouse Sells for Double in $55M Deal

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Serta Simmons Bedding factory.
Serta Simmons Bedding factory. Photo: Godofredo A. Vasquez/Houston Chronicle via Getty Images

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. 

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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