West Palm Beach-based McCraney Property Co. sold three fully leased warehouses in central Palm Beach County for $25.8 million.
Cabot Properties of Boston paid $148 per square foot for the trio of warehouses on Vista Parkway west of Florida’s Turnpike, which have a combined total of 173,812 square feet.
McCraney Property built two of the warehouses at 2211 and 2213 Vista Parkway on a 7.2-acre site in 2015, and the company built a third warehouse at 6935-6965 Vista Parkway on a 7.9-acre site in 2008.
“The warehouses are proven, well-managed assets with exceptionally strong tenancy and revenue histories,” Christopher Thomson of brokerage firm Cushman & Wakefield said in a prepared statement.
Thomson was part of the Cushman & Wakefield team that brokered the $25.8 million transaction, which included Chris Metzger, Richard F. Etner Jr., Matthew G. McAllister, Mike Davis, Rick Brugge and Michael Lerner.
Source: The Real Deal