(Read more on the industrial market.)
BOYNTON BEACH, FL-Principal Real Estate Investors has taken the deed to Boynton Commerce Center in a $37.7-million deal. Dalfen America was the seller of the 295,571-sf industrial property.
The four-building industrial park is located in the TriCounty industrial market. It is nearly 95% leased and its 28-tenant roster includes Innovative Window Concepts, Quantachrome, Royal Construction Group, 1-800-Flowers and Home Depot at Home Services. The property's lease rate is $9 per sf.
CBRE Capital Markets arranged the deal. A spokeswoman for CBRE tells GlobeSt.com the property was on the market for four weeks and the deal, which compares favorably with other industrial transactions in the market, carried a 5.4% cap rate.
Christian R. Lee, vice chairman of CBRE Richard Ellis' Institutional Group; Charles J. Foschini, managing director of CBRE | Melody's South Florida office; Christopher Apone, vice president of CBRE | Melody's South Florida office; Jeff Kelly, senior vice president of CB Richard Ellis' brokerage services division; and Robert Smith, senior vice president of CB Richard Ellis' brokerage services division, represented the seller.
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