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1131 Florida Highway 7

Bush Brothers Provision Company Leases 42,143 SF Industrial Space In Royal Palm Beach
LEASEDIndustrial

Bush Brothers Provision Company Leases 42,143 SF Industrial Space In Royal Palm Beach

1131 Florida Highway 7

Building Size

42,143 SF

Asset Type

Industrial

Closing

Jan 11, 2024

AI

The West Palm Beach-based company, Bush Brothers Provision Company, has leased a 42,143 sq ft industrial property located at 1131 N. State Road 7 in Royal Palm Beach. The lease was brokered by Jeffrey Kelly, Kirk Nelson, and Robert Smith of CBRE. The property, situated within the Royal Palm Logistics Center, will serve as the new location for Bush Brothers Provision Company, a family-owned meat packing firm since 1925.

Summary of transaction details:

  • Property Type: Industrial
  • Transaction Amount: Not Applicable
  • Square Footage: 42,143 sq ft
  • Address: 1131 N. State Road 7, Royal Palm Beach
  • Market: Royal Palm Beach
  • Landlord: Steven McCraney - McCraney Property Company
  • Tenant: Doug Bush - Bush Brothers Provision Company
  • Brokers: Jeffrey Kelly, Kirk Nelson, and Robert Smith - CBRE

The lease agreement allows Bush Brothers Provision Company to expand its production capacities and strengthen its regional presence.

Players

Jeffrey Kelly

CBRE

Broker

$47.5M

vol

8 deals

Broker
Steven E. McCraney

Steven E. McCraney

McCraney Property Company

Landlord

$319.1M

vol

8 deals

Landlord

West Palm Beach Industrial Market Snapshot

Boundary boundary · Industrial · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93