Silverman Group buys two industrial buildings in Lake Worth

The trade breaks down to about $122 psf

Miami /
Sep.September 21, 2017 04:40 PM

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.

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.


Related Articles

arrow_forward_ios
From left: Bridge Industrial’s Steve Poulos and Kevin Carroll along with 16175 Northwest 49th Avenue and 16175 Northwest 49th Avenue in Miami Gardens (Bridge Industrial, Getty)
Bridge bets on Miami Gardens’ Palmetto Lakes Industrial Park
Bridge bets on Miami Gardens’ Palmetto Lakes Industrial Park
View of the buildings at 612, 817 and 815 Lincoln Road in Miami Beach and Terranova’s Stephen Bittel (Google Maps, Terranova Corp)
Lease roundup: Terranova, Millennium, R&B, Duke nab tenants
Lease roundup: Terranova, Millennium, R&B, Duke nab tenants
1600 Northeast 12th Terrace
Triangle Services pays $17.5M for Fort Lauderdale industrial building
Triangle Services pays $17.5M for Fort Lauderdale industrial building
Link Logistics' Luke Petherbridge with 115.7-acre site at 21001 Northwest 27th Avenue (LinkedIn, Google Maps)
Blackstone’s Link Logistics pays $291M for Calder’s horse racing track
Blackstone’s Link Logistics pays $291M for Calder’s horse racing track
EverWest Real Estate Investors' Rick Stone and Tyler Williams; rendering of the newly built industrial property at 10900 Northwest 146th Street in Hialeah Gardens (Commercial Property Group, EverWest Real Estate Investors, iStock)
EverWest buys Hialeah Gardens industrial building for $43M
EverWest buys Hialeah Gardens industrial building for $43M
First Industrial Realty's Peter E. Baccile with 1801 North Andrews Avenue (First Industrial Realty Trust, Colliers, iStock)
First Industrial picks up Pompano Beach manufacturing facility for $25M
First Industrial picks up Pompano Beach manufacturing facility for $25M
RFR's Aby Rosen with 100 Biscayne, RFR, Lease Roundup
Lease roundup: Fintech firm moves HQ to Aby Rosen’s 100 Biscayne in Miami
Lease roundup: Fintech firm moves HQ to Aby Rosen’s 100 Biscayne in Miami
SROA Capital's Ben Macfarland III with 000 Pembroke Road (LinkedIn, Loopnet)
SROA Capital pays $20M for Hallandale Beach industrial-flex property
SROA Capital pays $20M for Hallandale Beach industrial-flex property
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...