The Real Deal Miami

Game manufacturer buys Lake Worth building for Florida HQ

Developer Robert Fessler flipped the property for 54% gain
By Amanda Rabines | July 13, 2018 11:30AM

2201 Fourth Avenue North and Benchmark Games’ Trevor Gianaris

UPDATED 2:45 p.m., July 13: Benchmark Games International just purchased its new Florida headquarters in Lake Worth for $8.25 million, only a few months after the seller paid $5.35 million for the property.

A company managed by real estate developer and aircraft industry investor Robert G. Fessler sold the 72,000-square-foot warehouse at 2201 Fourth Avenue North for about $115 per square foot.

Fessler closed on the building in April with plans to move a Boca Raton aviation business to the location. Those plans fell through, and Fessler decided to try to sell the building after listing it for lease, broker Benjamin Bruner of Nationwide-RE said. He flipped the property for a 54 percent gain. Bruner brokered both deals.

Benchmark Games manufactures and exports coin-operated gaming machines and ticket dispensers around the world. In April 2017, the Belgian skill crane manufacturer, Elaut, bought the company. Benchmark Games will be moving from its 55,680-square-foot location at 51 Hypoluxo Road.

Fessler, a spec home developer, sold a 1.5-acre estate he developed at 101 Indian Road for $49 million.

Palm Beach County’s industrial market is less active than in Miami-Dade and Broward counties, but still recording big deals in Lake Worth. Last year, the Silverman Group paid $30.7 million for two industrial buildings in the city.

An earlier version of this story incorrectly identified the Lake Worth property as the company’s new headquarters. It will be the new regional headquarters.