The Silverman Group has completed the sale of Interstate Industrial Park, a 160,302-square-foot, small-bay industrial portfolio in Riviera Beach, Fla. An entity led by Harry Spitzer paid $11.7 million, or $73 per square foot, for the three-building property.
Located on 3 acres at 6555 Garden Road, the first asset is a one-story concrete and metal structure completed in 1987. The 18-unit building features 14- to 18-foot clear heights, sprinklers throughout and grade-level rear loading docks.
“The fact that the assets are located in an Opportunity Zone, potentially affording tax advantages, drove further interest from potential buyers,” O’Donnell said in a prepared statement.
According to Palm Beach County records, A10 Capital provided $7.9 million in acquisition financing. Interstate Industrial Park was 98 percent leased at the time of sale to tenants including the City of Riviera Beach, Palm Beach Laundry and Saf-Glas. Centrally located in Palm Beach County, the property provides convenient access to West Blue Heron Boulevard and the 45th Street interchanges of Interstate 95. In January, Cushman & Wakefield represented The Silverman Group in another industrial deal-the sale of a five-building portfolio in West Palm Beach, Fla. Genet Property Group acquired the portfolio for $12 million.