KVA Congress buys Boynton Beach industrial property

The Jupiter company paid $6.65M for the building

From left: Cushman & Wakefield's Capital Markets team of Greg Miller, Scott O’Donnell, Dominic Montazemi and Miguel Alcivar with 3600 South Congress Avenue
From left: Cushman & Wakefield's Capital Markets team of Greg Miller, Scott O’Donnell, Dominic Montazemi and Miguel Alcivar with 3600 South Congress Avenue

KVA Congress bought a Boynton Beach industrial building for $6.65 million, signaling growing interest in industrial properties in South Florida.

The Jupiter-based company bought the 47,626-square-foot property at 3600 South Congress Avenue for $139 per square foot, according to a press release from Cushman & Wakefield. Bridgeview, Illinois-based R.T. Milord Co. sold the property.

KVA Congress is managed by Peter Alevizos and Nancy Alevizos of Jupiter.

Cushman & Wakefield’s Greg Miller, Scott O’Donnell, Dominic Montazemi and Miguel Alcivar represented the seller in the sale.

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The building was developed in 1987 on a 3.3-acre site. The property was 100 percent occupied at the time of sale, according to the release.

Boynton Beach, located between Boca Raton and West Palm Beach, has seen a number of new developments in recent years. Among them, Gulf Stream Views, a 14-unit luxury townhome development, just launched sales this month.

In South Florida, overall investment in industrial properties is growing. Over the past five years, average prices per square foot for warehouse buildings in South Florida have increased by 65 percent, according to Colliers International South Florida’s third quarter 2018 report.