The Real Deal Miami

Brooklyn company buys West Palm retail space

May 16, 2012 12:45PM

Brooklyn-based Marjam Supply Company has paid $2.8 million for a 50,000-square-foot store at 713-714-715 25th Street in West Palm Beach. The transaction, which included 2.35 acres of excess land and a Jupiter building, was handled by Reichel Realty’s Bill Reichel and Ken Duke. The seller was Lainhart & Potter, which had been facing a bankruptcy court order to auction its properties in West Palm Beach and Jupiter. Lainhart had been in West Palm Beach since 1893. “They were determined to see that all their creditors would be paid,” Reichel said. Marjam, which has locations in 12 states in the eastern United States, is looking to expand its Florida presence. — Alexander Britell