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
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.