UPDATED, Jan. 27, 4:10 p.m.: Industrial real estate in Palm Beach County continues its hot streak.
Elion Partners bought three warehouses in Boynton Beach for $25.8 million.
The North Miami Beach-based firm purchased 1220 Southwest 35th Avenue, 1210 Southwest 35th Avenue and 1200 Southwest 35th Avenue, with a combined 197,600 square feet. The price equates to $130 per square foot, records show. A company tied to Exeter Property Group sold the three warehouses.
The combined property spans 12 acres.
In 2017, Exeter purchased the land at 1210 Southwest 35th Avenue for $750,000, and built the warehouse in 2018, records show. Exeter paid $7.1 million for the property at 1200 Southwest 35th Avenue in 2015. That warehouses were built in 2000.
Elion, led by Jack Azout, Sylvain Argy, Juan DeAngulo and Shlomo Khoudari, has over $1.5 billion in real estate assets and 73 active properties, according to its website.
The company is a prolific buyer in South Florida’s commercial market. In July 2018, Elion bought a 59,135-square-foot-warehouse in northwest Miami-Dade for $7.23 million or about $120 per square foot. And Elion Partners paid $9 million for the Weston Business Plaza at 11800-1880 North Commerce Parkway in March 2018.
Elion Partners is also planning to build a sprawling industrial complex with up to 30 million square feet of warehouses outside Chicago, along with a master-planned village for truckers and other highway travelers.
With a limited supply of industrial properties and growing demand for e-commerce, industrial continues to remain one of South Florida’s best performing asset classes. In Palm Beach County, industrial investment sales jumped 50.2 percent in 2019, year-over-year, to $283.6 million, according to a recent report from Avison Young.
Correction: A previous version of this story misstated the number of warehouses purchased, the total square footage and the price per square foot.