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Florida & Gulf Coast  + South Florida  + Industrial  | 
Avid Asset Management, LLC, and Fogel Capital have acquired an industrial building in West Palm Beach, FL for $22 million.

Avid Asset, Fogel Capital Buy $22M West Palm Beach Building

Cushman & Wakefield has arranged the sale and financing of a 142,082-square-foot industrial building in West Palm Beach. The sale price of $22 million equates to $155 per square foot.

The property was sold by Alliance HSP West Palm Warehouse LLC. Avid Asset Management, LLC, in alliance with Fogel Capital, acquired the property and was represented by Kapp Morrison, LLP.

A Cushman & Wakefield team of Dominic Montazemi, Mike Davis, Scott O’Donnell, Greg Miller, Rick Brugge, Rick Colon, Chris Thomson, Rick Etner, Chris Metzger, Matthew McAllister, Julie Miller and Alex Sulte represented the seller. Jason Hochman and Ron Granite of Cushman & Wakefield secured $17.5 million in financing through SoundPoint Capital on behalf of the buyer.

“The lender recognized an opportunity to finance an asset that has strong historical occupancy along with upside in rents in a tight industrial market,” said Granite.

The property offers suites to accommodate a variety of tenants and is positioned near the Port of Palm Beach, Palm Beach International Airport and downtown West Palm Beach.

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About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

  • ◦Sale/Acquisition