WEST PALM BEACH, FLA. — Cabot Properties has purchased a three multi-tenant warehouse and distribution portfolio located in Palm Beach County, Fla. McCraney Property Co. sold the asset for $25.8 million, or $148 per square foot. Christopher Thomson, Chris Metzger, Richard Etner Jr., Matthew McAllister, Mike Davis, Rick Brugge and Michael Lerner of Cushman & Wakefield represented Cabot Properties in the transaction.
Situated in West Palm Beach’s Vista Business Park, the 173,812-square-foot portfolio includes 2211, 2213 and 6935-6965 Vista Parkway. At the time of sale, all three buildings were fully leased. Notable tenants include Trane, Shred-It and United Subcontractors (USI).
The buildings at 2211 and 2213 Vista Parkway span 44,234 square feet and 51,400 square feet, respectively, and feature 28 rear dock doors, two drive-in doors, 24-foot clear heights and an ESFR fire safety system. The two buildings share a 150-foot truck court and 106 car parking spaces.
6935-6965 Vista Parkway is a one-story, 77,177-square-foot light warehouse and distribution center, which was developed in 2008. The building features hurricane-impact glass, at least 18-foot clear heights, 10 rear-dock doors, seven drive-in doors, two ramps and an ESFR fire safety system.