UPDATED, Feb. 14, 12:36 p.m.: A struggling vitamin company sold a massive warehouse in Deerfield Beach for $22 million.
Rexall Sundown sold the 158,000-square-foot, last-mile distribution site at 1111 Southwest 30th Avenue for $139 per square foot to Elion Partners. The sale comes after Rexall Sundown announced last year it would close three of its warehouses in South Florida and lay off 250 employees.
The property sits near Florida’s Turnpike and I-95. It has 600 parking spaces and could be expanded with over 50,000 square feet of warehouse and office space or additional parking, according to a press release. The property last sold for $6 million in 1997, records show.
Cushman & Wakefield’s Richard F. Etner Jr., Chris Metzger, Christopher Thomson and Matthew G. McAllister represented Elion Partners in the purchase. Cushman will also be handling leasing of the property.
Elion Partners, led by Jack Azout, Sylvain Argy, Juan DeAngulo and Shlomo Khoudari, has over $1.5 billion in real estate assets, according to its website. The North Miami Beach-based company recently acquired 3 million square feet of industrial properties through multiple transactions in South Florida, Chicago and the Washington D.C. metro area. That includes a 197,600-square-foot warehouse in Boynton Beach that it acquired last month for $25.8 million.
In November, Rexall Sundown sold its warehouse in Pompano Beach for $8.7 million.
Rexall Sundown was founded by South Florida entrepreneur Carl DeSantis in 1985. The company was sold in 2003 to Nature’s Bounty Co. for $250 million. Rexall Sundown makes a number of vitamins and supplements, Ester-C, Nature’s Bounty, Balance, Solgar, Osteo Bi-Flex, and Sundown Natural.