By Balazs Szekely, Associate Editor
Delray Beach, Fla.—Delray Distribution Center has traded hands in a recent transaction mediated by Cushman & Wakefield. The real estate services firm represented the seller, Stockbridge Capital, in the $18.5 million deal. PetMeds, an online pharmacy offering pet medications and animal grooming products, acquired the asset.
The 185,624-square-foot, two-building industrial facility is located in the Congress Park industrial sector. Built in 1994 on a 14.3-acre site at 420 and 440 South Congress Aves., its location offers easy access to Interstate 95, Florida’s Turnpike and downtown Delray Beach. The development offers 26’ clear ceiling heights, dock-high and grade-level loading, a 150’ truck court, complete Early Suppression Fast Response (ESFR) fire sprinkler coverage and a generous parking ratio with room for future expansion. The asset was 100 percent leased at the time of the deal to tenants like DHL and Levenger. The new owner, previously headquartered in Pompano Beach, will also relocate its office and distribution headquarters to Delray Distribution Center.
Senior Director Christopher Thomson, Executive Director Richard Etner, Executive Director Christopher Metzger and Associate Director Matthew McAllister of Cushman & Wakefield represented Stockbridge Capital in in the negotiations.
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