Cushman & Wakefield Negotiates Cabot Properties’ $25.8M Acquisition of Palm Beach Distribution Portfolio​

Cushman & Wakefield Negotiates Cabot Properties’ $25.8M Acquisition of Palm Beach Distribution Portfolio​

The Team of Christopher Thomson, Chris Metzger, Richard F. Etner Jr., Matthew G. McAllister, Mike Davis, Rick Brugge and Michael Lerner Represented Cabot Properties  in its Acquisition of Three Buildings Totaling 173,812 Square Feet in Vista Business Park

WEST PALM BEACH, FL, November 5, 2018 — Cushman & Wakefield has negotiated Cabot Properties’ acquisition of three multi-tenant warehouse and distribution buildings totaling 173,812 square feet in Palm Beach County.

The South Florida Industrial Brokerage Team of Christopher ThomsonChris MetzgerRichard F. Etner Jr. and Matthew G. McAllister, in conjunction with Mike DavisRick Brugge and Michael Lerner of Cushman & Wakefield’s Central Florida operations, represented Cabot Properties in its $25.8 million ($148 per square foot) acquisition of 2211 Vista Parkway, 2213 Vista Parkway and 6935–6965 Vista Parkway North in West Palm Beach’s Vista Business Park. The seller was McCraney Property Company.

“Cabot Properties’ acquisition of these buildings represented a tremendous opportunity to acquire proven, well-managed assets with exceptionally strong tenancy and revenue histories in one of that nation’s most dynamic industrial markets,” said Thomson.

6935–6965 Vista Parkway North is a one-story, 77,177-square-foot light warehouse and distribution center developed in 2008 on a ±7.9-acre site. The building features hurricane impact glass, 18’6” clear heights, 10 rear dock doors, seven drive-in doors, two ramps and an ESFR (Early Suppression, Fast Response) fire safety system

2211 Vista Parkway (44,234 square feet) and 2213 Vista Parkway (51,400 square feet) were developed in 2015 by McCraney Property Company on a ±7.2-acre site. Both buildings are one—story warehouse and distribution facilities with 28 rear dock doors, two drive-in doors, 24’ clear heights, 52’x120’ column spacing and an ESFR fire safety system. The buildings share a 150’ truck court and 106 car parking spaces.

All three buildings were fully leased at the time of sale. Notable tenants include Trane, Shred-it and United Subcontractors (USI).

Vista Distribution Park is ideally situated just west of Okeechobee Boulevard interchange (Exit 99) on Florida’s Turnpike in central Palm Beach County with frontage on Jog Road. This location offers exceptional access to both domestic and international shipping destinations via Florida’s Turnpike, Interstate 95, Palm Beach International Airport and the Port of Palm Beach.

The eight-member South Florida Industrial team led by Metzger, Etner Jr., and Thomson has negotiated nearly 2 million square feet of sales and leases valued at more than $117 million in 2018. For more information, please visit www.southfloridaindustrialteam.com.

About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) 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, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.


 

Media contact:
Tyler Killette
Communications Specialist, Florida
+1 813-204-5341
tyler.killette@cushwake.com

2018-11-16T15:12:40+00:00 November 12th, 2018|Capital Markets, In the News, Industrial, Press Release|