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1715 Meathe Drive

Dalfen Industrial Leases 101,000 SF Industrial Space To National Millwork In West Palm Beach
LEASEDIndustrial

Dalfen Industrial Leases 101,000 SF Industrial Space To National Millwork In West Palm Beach

1715 Meathe Drive

Building Size

Asset Type

Industrial

Closing

Mar 5, 2024

AI

The property involved is located at 1715 Meathe Drive in West Palm Beach, Florida. The asset is an industrial property with a total square footage of 101,000 square feet. The lease was secured by Murray Dalfen of Dalfen Industrial with Otto Nonnenmann of National Millwork.

Summary of transaction details:

CBRE played a crucial role in the deal, overseeing negotiations and marketing for the remaining available space in Building 2 at Dalfen Industrial's Turnpike Logistics Center. This 101,000-square-foot lease with National Millwork marks the largest industrial lease in Palm Beach County for the year.

Players

Jeffrey Kelly

CBRE

Broker

$47.5M

vol

8 deals

Broker

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