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:
- Property Type: Industrial
- Transaction Amount: Not provided
- Landlord: Murray Dalfen - Dalfen Industrial
- Tenant: Otto Nonnenmann - National Millwork
- Brokers: Jeffrey Kelly, Kirk Nelson & Robert Smith - CBRE
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
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