(Read more on the industrial market.)
RIVIERA BEACH, FL-New York City-based KTR Capital Partners has acquired a 105,000-sf distribution center in a five-year sale-leaseback deal with Suncrest Supply Inc., a flooring products distributor. The acquisition price was not released, but sources put the price tag at close to $12 million.
The building is situated on six acres at 7450 Byron Dr. and has direct access and frontage on Interstate 95 via Blue Heron Boulevard. Constructed in 2005, it features 32-foot clear heights with 14 dock-high positions and four drive-in doors. "The property is a class A distribution facility located in Riviera Beach, which is a strong industrial submarket of Palm Beach County," KTR senior vice president PJ Charlton tells GlobeSt.com. "It has good access and strong frontage along Interstate 95 which made the deal attractive."
There is no immediate leasing or capital improvement plans for the property due to Suncrest's five-year lease, Charlton says. The new owner is planning a long-term hold.
With the acquisition, KTR owns 10 facilities with 525,000 sf in Palm Beach County. Among its properties are the 281,633-sf Tamarac Distribution Center in Tamarac and a 215,020-sf industrial building at 2800 N Andrews Ave. Extension in Pompano Beach. "South Florida is one of our more important markets so we are actively seeking out other properties to acquire and land development opportunities," he says.
According to CB Richard Ellis' third-quarter industrial report for Palm Beach County, Riviera Beach is experiencing a 6.6% vacancy rate with 224,525 sf of negative absorption year to date. There is 136,706 sf under construction. The average rent is $8.64 per sf.
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