Venture One Buys Metro Miami Industrial Park
Elion Partners sold the asset after 4 years of ownership.
Venture One Real Estate has acquired Boynton Logistics Center, a 197,608-square-foot industrial campus in Boynton Beach, Fla., from Elion Partners.
Cushman & Wakefield brokered the transaction. The brokerage firm will also lead the leasing efforts at the three-building park.
The three-building property previously traded in January 2020, when Elion Partners acquired it for $25.9 million from Exeter Property Group, according to CommercialEdge information. A $16.6 million loan originated by Synovus Bank financed that purchase.
The Class A facilities came online between 2000 and 2019, the same source shows, and feature a combined 34 dock-high loading doors, six drive-in doors and 12 truck wells, dock levelers and bumpers, along with 30- to 36-foot clear heights. Tenants within the campus include Somfy, Xquisite Events and The Stone Factory Co.
The warehouses are adjacent to each other at 1200, 1210 and 1220 SW 35th Ave. and close to Interstate 95. Downtown Boca Raton, Fla., is 11 miles southwest, while downtown Miami is less than 55 miles away. Port of Palm Beach is within 25 miles northeast.
Cushman & Wakefield representation
Cushman & Wakefield Vice Chairs Mike Davis and Rick Brugge, along with Executive Managing Director Dominic Montazemi, Senior Director Rick Colon and Director Greg Miller, arranged the deal. In January, Davis, Brugge, Colon and Montazemi also brokered the sale of a 1.7 million-square-foot industrial portfolio spread across four major markets.
Additionally, Vice Chairs Rick Etner, Christopher Thomson and Chris Metzger, along with Managing Director Matthew McAllister, supported the sale process and will serve as the property’s leasing agents. The same team also handles leasing at a 224,650-square-foot asset in Pembroke Pines, Fla., that changed hands for $59.7 million last year.
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