Updated Dec 4, 2024
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
About this deal
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