The buyer may decide to sell the land--lots 81 and 82--at a later date or may entertain development proposals from prospective tenants looking to locate at that business park, J. Scott O'Donnell, senior associate for Trammell Crow Co.'s South Florida Investment Services group, tells GlobeSt.com.
"They are spec investors who are just banking on that park growing in popularity," says O'Donnell, who's based in Trammell Crow's Boca Raton, FL office. He represented the seller, Boynton Industrial Realty Corp., a subsidiary of J.P. Morgan, in this transaction. Manatee Cove Realty represented 81-82 High Ridge Development LLC in the sale.
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