The land is Butters Construction & Development's second major purchase in that area since September. The property is next to a 107,804-sf warehouse/distribution building that privately held Butters and the Siegel and Schmier families jointly bought last month.
The building, West Point Distribution Center I at 5607 Hiatus Road, was purchased from West Point Center Ltd. for $5.6 million or $51.95 per sf.
Principal Capital of Des Moines, IA, provided the $5.2 million financing for the 100%-leased property. The interest rate on the 10-year, fixed-rate loan is 6.28%. Barbara A. Bozzacco in the Boca Raton, FL office of Holliday Fenoglio Fowler LP brokered the loan.
Harry Tangalakis, senior vice president with the Palm Beach County office of CB Richard Ellis Inc. and Tony Hoover, vice president with the same office, represented West Point in both transactions with Butters and partners. They were the only brokers involved in the transaction.
Butters plans to build some industrial space and some build-to-suits, Tangalakis tells GlobeSt.com. "They have some thoughts of possibly doing a mixed-use project" with retail and office space, he says.
Malcolm Butters, a principle with Butters Construction & Development Inc., could not be reached at press time.
If the building next to the 23 acres is any indication of things to come, the developed land would lease well, Tangalakis tells GlobeSt.com. Brokers leased about 75% of the building's space in one quarter, bringing it to 100%-occupancy just before Butters bought the structure.
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