Cabot Buys South Florida Industrial Park for $91M
By Julia Echikson January 3, 2025 12:05 pm
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Cabot Properties paid $91.3 million for an industrial complex in Palm Beach County, property records show.
Called Silver Beach Industrial Park, the campus houses four buildings totaling 371,834 square feet at 1600 Silver Beach Road in Riviera Beach, Fla., just west of the Lake Park Scrub natural preserve, about seven miles north of West Palm Beach.
The Los Angeles-based seller, American Realty Advisors, purchased the 23-acre site for $17.5 million in 2020, secured a $40.8 million construction loan from Wells Fargo the following year, and completed the industrial park in 2023.
The recent sale translates to approximately $245,500 per square foot. About 157,800 square feet remains available for lease, according to a Loopnet listing.
Representatives for Boston-based Cabot and American Realty Advisors did not immediately respond to a request for comment.
The transaction closes out the latest major industrial purchase in South Florida. Last month, Terreno Realty and TA Realty spent $196 million and $160 million, respectively, on industrial parks in Miami-Dade County.
Julia Echikson can be reached at jechikson@commercialobserver.com.
