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Boise Cascade Acquires Industrial Property In West Palm Beach For $31M

Property Image
SOLD
$31,000,000
Gabriel Garcia Menocal
Robert Smith
Kirk Nelson
+ 3

Florida

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Industrial424,710 SF
Sold 10/20/2023
the dealplayerscompscontact
Property Image
SOLD

Boise Cascade Acquires Industrial Property In West Palm Beach For $31M

1300 Allendale Road

See Similar Deals
Industrial424,710 SF
Sold 10/20/2023
Gabriel Garcia Menocal
Robert Smith
Kirk Nelson
+ 3
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:Industrial
Price Per Square Foot:$73
Total Square Footage:424,710 SF
Transaction Type:Sale

The industrial property located at 1300 Allendale Road in West Palm Beach has been sold. The property spans 424,710 square feet and was sold for a total price of $31,000,000, resulting in a price per square foot of $73.

Summary of transaction details

  • Property Type: Industrial
  • Transaction Amount: $31,000,000
  • Square Footage: 424,710
  • Address: 1300 Allendale Road, West Palm Beach
  • Market: West Palm Beach

The buyer of the property is the Boise Cascade Company, while the seller is the Brown Distributing Company. Representing the buyer in this transaction were Gabriel Garcia-Menocal, Lucia Custer, and David Oxios from NAI Miami | Fort Lauderdale, as well as Peter Oliver from TOK Commercial. On the seller's side, Robert Smith and Kirk Nelson from CBRE Palm Beach acted as the representatives.

Players

Kirk Nelson
CBRE
Kirk Nelson
15 deals$142.7M volume(561) 227-1803
BROKER
Robert Smith
CBRE
Robert Smith
17 deals$480M volume
BROKER
Gabriel Garcia Menocal
NAI Global
Gabriel Garcia Menocal
5 deals$54.8M volume
BROKER
Lucia Custer
NAI Global
Lucia Custer
3 deals$46.4M volume(305) 975-8131
BROKER
David Oxios
NAI Global
David Oxios
3 deals$40.6M volume(305) 775-2224
BROKER
Peter Oliver
TOK Commercial
Peter Oliver
1 deal$31M volume
BROKER

Details

SOLD
IMAGE: David Oxios, Gabriel Garcia-Menocal & Lucia Custer DATE: 10/20/2023 ADDRESS: 1300 Allendale Road MARKET: West Palm Beach ASSET TYPE: Industrial BUYER: Boise Cascade Company (@BoiseCascade) SELLER: Brown Distributing Company BUYER'S REP: Gabriel Garcia-Menocal (@GabrielGarciaMenocal), Lucia Custer & David Oxios (@DadeRealEstate) - NAI Miami | Fort Lauderdale (@NAIMiaFtL); Peter Oliver - TOK Commercial SELLER'S REP: Robert Smith & Kirk Nelson - CBRE Palm Beach SALE PRICE: $31,000,000 SF: 424,710 ~ PPSF: $73

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

$1,653,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$110,136.45
Cash-on-Cash Return-1.27%
Monthly Debt Service$146,955.82
Annual Debt Service$1,763,469.79