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:

• Property Type: Industrial Portfolio
• Transaction Amount: $11,700,000.00
• Buyer: Unknown
• Seller: The Silverman Group
• Buyer’s Representative: Adam Robbins (ARC Equities)
• Seller’s Representatives: Kirk Nelson (CBRE), Dominic Montazemi (Cushman & Wakefield), Jason Hochman (Cushman & Wakefield)
• Brokers: Gregory (Greg) Miller (Cushman & Wakefield)
• Financing Provided: $7.9 million by A10 Capital

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.