Updated Dec 5, 2024
Power Systems Leases 185000 Square Feet At South Florida Gateway Distribution Center For 10 Years
2400 SW Gateway Blvd
Building Size
185,000 SF
Asset Type
Industrial
Closing
Dec 4, 2024
About this deal
AI
The industrial asset located at 2400 Southwest Gateway Boulevard in Stuart, Florida, encompasses a total area of 185,000 square feet. The lease transaction is valued at over $22 million, specifically contributing to the South Florida Gateway Distribution Center.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: over $22 million
- Lease Term: 10-year
- Landlord: Paul Ellis - Foundry Commercial
- Tenant: Power Systems
- Landlord's Representative: Eric Cantor & Matthew McAllister - Cushman & Wakefield
- Tenant's Representative: Jonathan Temple & Michael Falk - Colliers
Colliers' representatives, Michael Falk and Jonathan Temple, facilitated the transaction for the tenant, Power Systems. Meanwhile, the landlord, Foundry Commercial, was represented by Matthew McAllister and Eric Cantor from Cushman & Wakefield. The lease agreement aligns with Power Systems' strategic growth under Hanwha Impact.
On the Map
Industrial
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Players
Stuart 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