Industrial complex in Delray sells amid strong market demand

An LLC tied to a family that invests heavily in SoFla industrial properties acquired the Linton Center

Jan.January 04, 2019 11:30 AM

Linton Center (Credit: iStock)

A family that is heavily invested in the South Florida industrial market is connected to the acquisition of a two-building industrial complex in Delray Beach.

Linton Industrial Center LLC paid $9 million for the Linton Center, a 66,000-square-foot property at 1220 and 1240 Tangelo Terrace. The sale came out to $136 per square foot. The LLC is managed by David Kahn of Brooklyn. Kahn invests on behalf of his family, which owns more than 2 million square feet of property in South Florida, most of it small bay industrial. The family is represented locally by Levy Realty Advisors.

Deerfield Beach-based Beaver Properties Inc. was the seller, according to a Cushman & Wakefield release announcing the sale. Cushman’s Greg Miller, Dominic Montazemi, Scott O’Donnell and Miguel Alcivar represented the seller.

A $5 million acquisition loan was provided by an undisclosed life insurance company. Cushman’s Jason Hochman advised the buyer on the loan deal.

Linton Center is nearly fully leased, with 32 tenants in industries including light manufacturing, storage, art, construction and entertainment.

Beaver Properties is led by Peter, Joseph and Emile Sabga, according to Florida corporate records. The company specializes in the acquisition, development and management of commercial and industrial properties, according Peter Sabga’s LinkedIn page.

South Florida’s industrial market has fared well over the last year, having outperforming other asset classes, according to reports.

In Palm Beach County, vacancy rates held steady at 3.1 percent in the third quarter of 2018, according to a report from Colliers International South Florida. Vacancy rates remained stable year over year, while rental rates increased by 7 percent to $8.82 from $8.51.

Related Articles

First Industrial Realty Trust CEO Peter E. Baccile, 1001 Northwest 12th Terrace and 1021 Northwest 12th Terrace in Pompano Beach (Credit: Google Maps)

First Industrial Realty picks up two properties in Pompano Beach

Brookfield Property Group’s Brian Kingston and 3400 Northwest 74th Avenue (Credit: Google Maps)

Brookfield picks up more industrial properties near MIA for $83M

Rendering of Ocean Delray

Ocean Delray nabs $73M construction loan

Photo illustration of Grant Cardone (Credit: iStock)

A look at Grant Cardone’s real estate portfolio and how he raised $15M in 90 minutes at Marlins Park

ABC Carpet & Home

Collier family converting former ABC Carpet & Home in Delray to facility for car collectors

IMC Equity Group CEO Yoram Izhak, and 1800 Northwest 66 Avenue (Credit: Google Maps)

IMC Equity Group snags industrial buildings in Plantation for $11M

From left: Joseph Maas, Susan Burrell and Paul Burrell of TMT Properties and 190 Congress Park Drive (Credit: Google Maps)

TMT Properties buys Delray Beach offices

7500 Northwest 35th Terrace and Brookfield Asset Management CEO Bruce Flatt

Brookfield affiliate picks up tire distribution center for $20M