Scott O’Donnell, Robert Smith, Dominic Montazemi, Miguel Alcivar and Greg Miller Represented Seller in the Disposition
JUPITER, FL, July 24, 2018 – Cushman & Wakefield has assisted the seller in negotiating the sale of The Pointe at Jupiter Park of Commerce, a 39,328-square-foot, two-building light industrial portfolio in Jupiter, Florida, for $5.2 million, or approximately $132 per square foot.
Cushman & Wakefield Executive Director Scott O’Donnell, Managing Director Dominic Montazemi, Director Miguel Alcivar and Senior Associate Greg Miller, along with CBRE Executive Vice President Robert Smith, represented the seller, 1201 JCP TIC, LLC & CKJCP TIC, LL, in the transaction. The buyer is Nationwide Development Corporation.
The property sits on 3.17 acres at 1201 and 1251 Jupiter Park Drive. The 1201 building consists of 23,660 square feet with 19,660 square feet of office/showroom space and 4,000 square feet of fully air-conditioned warehouse space. The 1251 building consists of 15,578 square feet of showroom and fully air-conditioned light industrial space.
The property was 52 percent occupied at time of sale, presenting an immediate value-add opportunity for the buyer. The available space can accommodate tenants ranging from 2,860 square feet to 19,000 square feet.
Previous ownership had maintained a strong average occupancy exceeding 90 percent since 2013. Current notable tenants include Bradford Electric, Inc., Sherwin Williams and Turbine Technologies Corp.
The property is centrally located within Jupiter Park of Commerce, which comprises 980,215 square feet of flex and light industrial space and is 98 percent occupied. The park is extremely land constrained with significant and increasing tenant demand driving strong rental rate growth. On aggregate, the Jupiter Park of Commerce continues to be among the strongest in South Florida.
Further, the park’s location provides convenient access to Interstate 95 and the Florida Turnpike via Indiantown Road.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, advisory and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Communications Specialist, Florida