Linton Industrial Center, LLC Acquired the Two-Building, 66,110-Square-Foot Light Industrial Portfolio from Beaver Properties, Inc.
DELRAY BEACH, FL, January 4, 2019 — Cushman & Wakefield has negotiated the sale and financing of Linton Center, a two-building, 66,110-square-foot, light industrial portfolio in Delray Beach, FL.
The Cushman & Wakefield Capital Markets team of Greg Miller, Dominic Montazemi, Scott O’Donnell and Miguel Alcivar negotiated the sale on behalf of Deerfield Beach, FL-based Beaver Properties, Inc.. Linton Industrial Center, LLC acquired the asset for $9.0 million ($136 per square foot).
“Linton Center provided investors with the rare opportunity to acquire an industrial asset with frontage and visibility on Interstate 95 in Delray Beach. The prime location, combined with additional upside through rental increases, attracted great interest in the deal,” said Miller.
Senior Director Jason Hochman of Cushman & Wakefield’s Equity, Debt & Structured Finance group secured a $5 million acquisition loan with a life insurance company on behalf of the buyer.
“Our client was seeking a long-term, fixed-rate loan to take advantage of low interest rates to help secure the cash flow for many years. We chose a lender who provided the best terms and closed the transaction quickly and efficiently,” said Hochman.
Linton Center was 95.8% leased at the time of sale with 32 tenants in a diverse mix of industries including light manufacturing, storage, art, distribution, business services, construction and entertainment. The portfolio is located at 1220 and 1240 Tangelo Terrace, just north of the Interstate 95-Linton Boulevard interchange (Exit 51). This location offers prime visibility along Interstate 95 and excellent access to South Florida’s Tri-County area with over 65% of the region’s population residing within a one-hour drive.
The South Florida Commercial Team of O’Donnell, Montazemi, Alcivar, Miller and Hochman has closed over $1.5 billion in sales and financing over the last three years. Please visit www.southfloridacommercialteam.com for more information about the team.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
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Linton Center Photo
Greg Miller Headshot
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Dominic Montazemi Headshot
Scott O’Donnell Headshot
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