Big Bump in Sales Price for Dated Industrial Tract

A Riviera Beach industrial park on Blue Heron Boulevard at Australian Avenue, comprising 310,890 sf of existing space dating from the 1940s, plus 35 undeveloped acres, has changed hands for $11.3 million—43% more than TA Associates, a Boston pension fund adviser, paid for it 16 months ago.

New ownership, headed by Boca Raton real estate investor Ken Donner, plans to develop the vacant land with as much as 300,000 sf of new warehouse, distribution and office space, as well as freight terminals. Though suffering from a high crime-rate image, the area has such compensating features as immediate access to sea, land and air transportation and the lowest industrial rents in Palm Beach County.