The Capital Markets Team of Dominic Montazemi, Scott O’Donnell, Miguel Alcivar and Greg Miller Represented Seller Hummel Land Trust in the Disposition of the 22,365-Square-Foot Distribution Facility
Cushman & Wakefield announced today that it has negotiated the sale of the Nestlé Waters Facility, a 22,365-square-foot distribution facility in Jupiter, FL.
Senior Director Dominic Montazemi, Executive Director Scott O’Donnell, Director Miguel Alcivar and Senior Associate Greg Miller represented David M. Shaw, trustee for the Hummel Land Trust, in the disposition. Investor Javier Ramos Suarez acquired the asset for $5.175 million ($231 PSF). The building was co-marketed by CBRE Senior Associate Larry Genet.
The Nestlé Waters Facility was built in 1997 on ±3.74 acres of land and renovated in 2014. The building features 32-foot clear heights, a 10,000-gallon fire-resistant fuel tank, 32 distribution truck parking stalls, five dock-high positions, two drive-in areas for truck maintenance and one cross-dock position. The site includes ±2.71 acres of excess land, allowing for truck parking and storage as well as open-air secured storage.
The Nestlé Waters Facility’s location at 1284 Park Lane Street offers immediate access to Interstate 95 and convenient access to Florida’s Turnpike via Indiantown Road.
The single-tenant building is fully occupied by Nestlé Waters, the world’s largest distributor of bottled water. This location serves as a regional distribution hub servicing markets south to Boca Raton and north to Vero Beach.
“Offerings that combine the opportunity to acquire a well-located distribution building with excess land and cash flows secured by a tenant of the highest caliber are exceedingly rare,” said Montazemi. “Large amounts of excess land are highly sought after by area tenants and are in increasingly short supply given the infill nature of South Florida real estate.”
Including this transaction, the South Florida Commercial Team of O’Donnell, Montazemi, Alcivar, Miller and debt financing partner Jason Hochman have closed more than $251 million in sales and financing this year. Please visit www.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com
