Triple-Net-Leased Industrial Outdoor Storage Trades for $7M
Stan Johnson Company has completed the sale of a core, infill industrial outdoor storage facility in West Palm Beach, FL for $7.1 million reflecting a 4.07 percent cap rate.
The property is fully leased to United Site Services on a triple net basis.
Stan Johnson Company’s Brandon Duff and Mack Wolfgram brokered the transaction between the seller, an individual investor based in Fort Lauderdale, FL, and the buyer, a private investment and development company, based in Philadelphia, PA.
Comprising a 14,000-square-foot concrete building situated on a 3.62-acre site, the property was originally built in 1990 and includes an improved industrial yard, fully paved with lighting and perimeter fencing.
“As both investor and tenant demand for this niche segment continues to grow immensely, we have seen increasing interest and historically low cap rates from all buyer types including institutional, REITs, private equity sponsors, individual private investors and 1031 exchange buyers,” said Duff.
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.