LRC Properties Acquires Two-Property Warehouse Portfolio In Mangonia Park For $28.5M

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.