W. Palm Beach Flex Property Sells at 3X Gain

Avison Young’s Florida Capital Markets Group completed the $10.95 million sale, a small bay warehouse/flex asset spanning three buildings and totaling 52,740 square feet at 3866 Prospect Ave. in West Palm Beach, Florida. Closing at $208 per square foot, the total price represents a more than triple value increase since Avison Young last sold the asset for $3.25 million in 2014.

Avison Young’s Brian C. de la Fé led a team that represented Boca Raton-based seller 2020 Properties in the disposition to buyer Twenty Lake.

“There continues to be strong demand for small bay industrial properties from a diverse pool of buyers, including private investors, mid-sized family offices, and larger groups with national portfolios,” said de la Fé. He added the property provides significant cashflow, which has the potential to increase via leasing at market rents with extended terms as current leases are set to expire.