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

TRD MIAMI /
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

arrow_forward_ios
5900 Northwest 176th Street (Credit: Google Maps)

Mac Papers inks deal, sells warehouse near MIA for $15M

CenterPoint Properties CEO Bob Chapman and South Florida Logistics Center

CenterPoint buys an industrial property near MIA for $30M

Delray Trails and Mike Nunziata

13th Floor closes on 120-acre golf course for active adult community

A rendering of Bridge Point Commerce Center and Kevin Carroll, Partner, Southeast Region at Bridge Development Partners (Credit: CBRE)

Bridge Point Commerce Center inks lease with Caribbean grocery distributor

Prologis CEO Hamid Moghadam

Prologis buys 8 acres of land near Sweetwater

William Dabbs

Contractor guilty of manslaughter in fatal shooting of his boss

9501 Northwest 106 Street and Apex Capital Realty’s Freddy Diaz (Credit: LoopNet and Apex Capital Realty)

Industrial site in Medley trades for $7M

Brookfield Asset Management CEO Bruce Flatt and 700 Banyan Trail (Credit: Google Maps)

Brookfield pays $32M for Boca Raton industrial building

arrow_forward_ios
Loading...