Twenty Lake Acquires Industrial Property In West Palm Beach For $10.95M

The industrial property located at 3866 Prospect Avenue in West Palm Beach was sold in a transaction that closed at $10,950,000, amounting to $208 per square foot. The 52,740-square-foot warehouse/flex asset was acquired by Twenty Lake from 2020 Properties, marking a significant value increase since its last sale in 2014 for $3.25 million.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $10,950,000
• Address: 3866 Prospect Avenue
• Market: West Palm Beach
• Asset Type: Industrial

Brian De La Fé from Avison Young represented the buyer, Twenty Lake, in the transaction. Avison Young's Florida Capital Markets Group facilitated the deal, which was driven by the property's high demand potential for increased cash flow through market rent adjustments as existing leases come to an end.