Updated Nov 17, 2025
LRC Properties Acquires Two-Property Warehouse Portfolio In Mangonia Park For $28.5M
5490 Dexter Way, 1525 53rd Street & 5750 Columbia Circle
$28,500,000
$61/SF
Building Size
155,597 SF
Asset Type
Industrial
Closing
Nov 7, 2025
About this deal
AI
This industrial asset, located at 5490 Dexter Way, 1525 53rd Street, 7540 & 5750 Columbia Circle in West Palm Beach, has been sold for $28,500,000. The total square footage of the properties is 155,597, with a price per square foot of $183.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $28,500,000
- Buyer: Edward J. Kulik Jr. - LRC Properties
- Seller: Benjamin Genet - Genet Property Group
- Broker: Mike Ciadella - Cushman & Wakefield
- Mortgage Amount: $28,980,000
- Financed by: Nicola USMF Sound Point
LRC Properties, represented in this transaction by Edward J. Kulik Jr., is based in the Mangonia Park area and acquired the properties from Tamarac-based Genet Property Group, represented by Benjamin Genet. The buyer's financing also included additional warehouse assets located in Palm Beach County and Port St. Lucie.
On the Map
$28,500,000
$61/SF
Industrial
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Players
Mangonia Park Industrial Market Snapshot
Boundary boundary · Industrial · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.56%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93