Elion Partners sold the Boynton Logistics Center for $36.5 million. Venture One Real Estate bought the nearly 200,000-square-foot industrial park. The “last-mile” business park is made of three buildings. The property last sold in 2020 for $25.85 million.
Mike Davis, Dominic Montazemi, Rick Brugge, Rick Colon and Greg Miller of Cushman & Wakefield arranged the sale on behalf of both the seller and buyer.
“With rents nearly 50% below market, Boynton Logistics Center offers a highly attractive basis at $183 per square foot with tremendous upside,” added Cushman & Wakefield’s Dominic Montazemi.
Located at 1200, 1210, and 1230 SW 35th Ave., the portfolio offers a range of versatile bay sizes, with dock-high loading and 30-to-36-foot clear heights.
Palm Beach County’s industrial vacancy rate was 4.3 percent in the fourth quarter of 2023. In the Boynton Beach submarket, the rate is 1.7 percent.
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