Published: November 11, 2016
Ed Kearney of Kearney Commercial Realty, Inc. negotiated the sale of a 13,300 SF industrial building in West Palm Beach situated on two industrial parcels totaling 1.25 +/- acres. The property was fully occupied with three tenants, the largest of which has been a tenant for more than 18 years. The property sold for a cap rate of approximately 7.25%.
The buyer was A1A Real Estate Inc. which completed the down-leg of its 1031 exchange with the purchase of this property. The building was CBS construction and had no deferred maintenance items. It had a new roof in 2016 and seven of the ten A/C units were new in 2016.
Kearney exclusively represented the seller in this transaction.