Silverman Group buys two industrial buildings in Lake Worth

The trade breaks down to about $122 psf

Lake Worth industrial buildings. From Left: Jeff Kelly, Kirk Nelson, Robert Smith (Credit: CBRE)
Lake Worth industrial buildings. From Left: Jeff Kelly, Kirk Nelson, Robert Smith (Credit: CBRE)

Two affiliates of the Short Hills, New Jersey-based Silverman Group just paid $30.7 million for two industrial buildings in Lake Worth, property records show.

The two buildings at 701 Boutwell Road span 252,000 square feet combined, meaning the trade breaks down to about $122 per square foot.

Records show an entity of Newport Beach-based Panattoni Development Company sold the property. Panattoni bought the 18.6-acre site in 2015 for $4.9 million. The warehouses were delivered in December 2016.

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CBRE’s Robert Smith, Jeff Kelly and Kirk Nelson handled the sale. Warehouse spaces range from 15,750 square feet to 166,267 square feet, with asking rents at $7.95 per square foot, according to a CBRE listing. The buildings are 35 percent leased.

The Silverman Group is a family owned private equity and development firm focused on commercial and industrial real estate, according to its website. It has an office in Palm Beach.

Last year the company bought a portfolio of properties in West Palm Beach, Riviera Beach, Magnonia Park and Lake Park for $50 million.