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3541 M.L.K. Jr BLVD, Rivier...

Updated Oct 29, 2024

The Silverman Group Sells 3541 M.L.K. Jr Blvd In Riviera Beach For $11.7M With Brokers From Cushman & Wakefield
SOLDIndustrial

The Silverman Group Sells 3541 M.L.K. Jr Blvd In Riviera Beach For $11.7M With Brokers From Cushman & Wakefield

3541 M.L.K. Jr BLVD, Riviera Beach, FL...

$11,700,000

$73/SF

Building Size

160,302 SF

Asset Type

Industrial

Closing

Mar 12, 2019

About this deal

AI

The Silverman Group has sold Interstate Industrial Park located at 3541 M.L.K. Jr Blvd, Riviera Beach, FL, in the West Palm Beach market. The three-building property encompasses a total of 160,302 square feet and was purchased for $11,700,000, equating to $73 per square foot. The property includes buildings developed in 1968 and 1987, with various features including grade-level loading docks and sprinklers throughout.

Summary of transaction details:

An entity led by Harry Spitzer acquired the property, which is situated on a 3-acre site. The first asset is a one-story structure featuring 18 units with clear heights of 14 to 18 feet. The second and third buildings provide a total of 31 units with 16-foot clear heights, accommodating both front and rear loading. The transaction reflects a strategic investment in a small-bay industrial portfolio within an established area.

On the Map

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$11,700,000

$73/SF

Industrial

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Players

Kirk Nelson

CBRE

Broker

$173.4M

vol

16 deals

Broker

Silverman

Silverman Group

Seller

$204.2M

vol

11 deals

Seller
Bilt advertisement

West Palm Beach Industrial Market Snapshot

Boundary boundary · Industrial · Sale transactions

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Deal FAQ

About $73 per square foot on a published $11.7M for 160,302 square feet (2019).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

1.36%

Cash-on-Cash

-0.39%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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