Avison Young’s Florida Capital Markets Group has successfully sold a small bay warehouse/flex asset in West Palm Beach, Florida for $10.95 million. The property, located at 3866 Prospect Ave., spans three buildings and totals 52,740 square feet. This sale represents a significant increase in value since Avison Young last sold the asset for $3.25 million in 2014.
Leading the team was Brian C. de la Fé of Avison Young who represented seller 2020 Properties based in Boca Raton to buyer Twenty Lake.
According to de la Fé, there is high demand for small bay industrial properties from various types of buyers such as private investors and larger groups with national portfolios. He also noted that this property offers strong cashflow potential which can be further increased through leasing at market rents with extended terms as current leases are set to expire.
This successful transaction showcases the expertise and capabilities of Avison Young’s team in handling commercial real estate deals within the state of Florida.
