Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of 2951 Electronics Way, a 27,838-square foot industrial property located in West Palm Beach, FL, according to Ryan Nee, Regional Manager of the firm’s Fort Lauderdale office. The asset sold for $4,425,000.
Douglas K. Mandel, Tyler S. Kuhlman, and Richard Redmond, investment specialists in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, Delu LLC, a limited liability company. The buyer, Ohio Resources LLC, has ties to the Anthony Robbins Companies.
“The buyer, Ohio Resources LLC, a subsidiary of the Anthony Robbins Companies, found the opportunity to purchase a +/-28,000 SF facility, below replacement cost, enticing due to rising construction costs and increasing land values in South Florida,” explained Kuhlman.
“The availability of such space in Palm Beach County is extremely limited for an owner/user looking to purchase a facility, which allowed 2951 Electronics Way to obtain premium pricing,” added Mandel.
2951 Electronics Way is located at 2951 Electronics Way in West Palm Beach, FL. The reinforced-concrete building boast unmatched clear heights of 38 feet and has four-extra deep, dock-high loading bays, as well as a fifth bay that provides both dock-high and grade-level loading. The property also includes a full-size truck scale that is also used as a weight station, providing an additional income source.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,726 transactions in 2019 with a value of approximately $50 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
