The Real Deal Miami

Investment manager scores $108M loan for warehouses in Boynton, other states

Mortgage is also for properties in New Jersey, Connecticut, Illinois, Indiana, Utah and Virginia
By Amanda Rabines | August 10, 2017 10:50AM

1200 Southwest 35th Avenue

Exeter Property Group just closed on a $108 million multi-state mortgage for properties, including two warehouses in Boynton Beach.

Property records show the Pennsylvania-based investment manager secured $14.7 million for the buildings at 1200 and 1220 Southwest 35th Avenue in Boynton Beach. The remaining financing is for properties in New Jersey, Connecticut, Illinois, Indiana, Utah and Virginia. Wells Fargo is the lender.

The Boynton Beach warehouses sit on an 8-acre site and were built in 2000. Exeter paid $7.1 million for the property in 2015, records show. The buildings total nearly 93,500 square feet and have 53,599 square feet of available space.

Exeter specializes in developing and managing industrial warehouses across the country and in Canada, according to its website. The firm could not immediately be reached for comment.

Last year, Exeter sold a Royal Palm Beach warehouse leased to American Tire Distributors to Cabot Properties for $15.7 million. The company also owns the neighboring 152,000-square-foot warehouse at 700 North 103rd Avenue.

Palm Beach, especially the northern part of the county, is a cheaper alternative for tenants to Miami-Dade and Broward. Warehouse and distribution rents in south Palm Beach County averaged about $10 per square foot, triple-net during the second quarter of this year, according to Colliers International South Florida.