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Jon Samuel Of Midtown Group Acquires 14.7 Acre Industrial Site From Realty Income For $24M

Property Image
SOLD
$24,000,000
Sky Groden
SR

Florida

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Industrial50,000 SF
Sold 06/09/2025
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Property Image
SOLD

Jon Samuel Of Midtown Group Acquires 14.7 Acre Industrial Site From Realty Income For $24M

1200 South Congress Avenue

See Similar Deals
Industrial50,000 SF
Sold 06/09/2025
Sky Groden
SR
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Industrial
Price Per Square Foot:$480
Total Square Footage:50,000 SF
Transaction Type:Sale

An industrial property located at 1200 South Congress Avenue in West Palm Beach has been sold for $24,000,000. The asset encompasses 14.7 acres and includes a 50,000 square foot facility that was previously operated by Off Lease Only. The price per square foot for the transaction was $480.

Summary of transaction details:

  • Property Type: Industrial
  • Transaction Amount: $24,000,000
  • Address: 1200 South Congress Avenue
  • Market: West Palm Beach
  • Acres: 14.7
  • Square Footage: 50,000
  • Price per Square Foot: $480
  • Buyer: Jon Samuel - Midtown Group
  • Seller: Sumit Roy - Realty Income & Chase Deuschle - Newmark
  • Broker: Sky Groden - JLL

Sky Groden from JLL facilitated the arrangement of the sale, which involved Jon Samuel representing Midtown Group as the buyer. The property is slated for use by Palm Beach County following its acquisition from Realty Income, with input from Chase Deuschle of Newmark as part of the selling party.

Players

Sky Groden
JLL
Sky Groden
13 deals$207.6M volume
BROKER
SR
Sumit Roy
7 deals$2.7B volume
SELLER

Details

SOLD
IMAGE: Sky Groden & Sumit Roy DATE: 06/09/2025 ADDRESS: 1200 South Congress Avenue MARKET: West Palm Beach ASSET TYPE: Industrial ~ ACRES: 14.7 BUYER: Jon Samuel - Midtown Group SELLER: Sumit Roy - Realty Income (@RealtyIncome) & Chase Deuschle - Newmark BROKER: Sky Groden - JLL (@JLL) SALE PRICE: $24,000,000 SF: 50,000 ~ PPSF: $480 NOTE: JLL arranged the $24M sale of a 14.7-acre site at 1200 S Congress Ave in West Palm Beach, featuring a 50,000 SF industrial facility formerly used by Off Lease Only. Midtown Group’s Jon Samuel acquired the property from Realty Income, with Palm Beach County planning to occupy the site.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,279,999.99

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$85,266.94
Cash-on-Cash Return-1.27%
Monthly Debt Service$113,772.24
Annual Debt Service$1,365,266.93