Denholtz Associates Negotiates $6.9 Million Sale of Riviera Beach, Fla. Flex Portfolio to the Silverman Group6.5.2018
Riviera Beach, Fla. (June 5, 2018) – Denholtz Associates has announced the sale of the Flamingo Commerce Center, a 69,094-square-foot industrial flex portfolio at 7655 Enterprise Drive and 7656 Byron Drive in Riviera Beach, Florida to the Short Hills, N.J.-based investment firm, Silverman Group for $6.9 million.
Flamingo Commerce Center is a two building, single-story industrial complex offering front and rear load grade-level warehouse space with 24’ ceiling heights, ideally suited for office, warehouse, light assembly, showroom and light distribution requirements. Situated on 4.07-acres, the property is prominently located in the Sandlake Industrial Park between Northlake and Blue Heron Boulevard.
With frontage on Interstate 95, the property also offers easy access to the nearby Port of Palm Beach and Palm Beach Airport. Florida’s Turnpike is located two miles west of the property along the Bee Line Highway, which offers access to Miami to the south, and Orlando to the north.
The sale marks the culmination of Denholtz Associates three-year investment strategy for the property. Prior to the firm’s acquisition of the portfolio, occupancy stood at 70 percent and the property was struggling to attract or retain tenants. However, Denholtz Associates recognized the potential of the portfolio and acquired the property in February 2015 for $5.2 million. Immediately following their acquisition, Denholtz Associates worked with local commercial real estate brokerage Michael Falk and Company to execute an aggressive leasing and marketing strategy to bring the space to full occupancy.
Currently 98 percent leased, the Flamingo Commerce Center includes a wide range of tenants including Fastenal, Red Cross, Avid Gear, Maine-ly Remodeling, Vinyl Doctor, Tormentor Products, CTS3, and Florida Kickboxing Academy.
“When we are sourcing investments, we look for assets that we believe present strong fundamentals but are currently not reaching their full income potential for any number of reasons,” said Stephen Cassidy, President of Denholtz Associates. “While only 70 percent leased at our time of acquisition, the Flamingo Corporate Center featured a strong location and highly adaptable layout that we knew would make it a premier destination for industrial tenants searching for flexible space in the market. Through leveraging our substantial in-house capabilities and experience in leasing similar spaces, we were able to bring this property to full occupancy and creating substantial returns for our investors.”