Dalfen Industrial paid $18.35 million for a Riviera Beach warehouse leased to FedEx, as demand in the sector continues to be strong despite the pandemic.
Dallas-based Dalfen Industrial purchased the 150,852-square-foot warehouse at 1177 West Blue Heron Boulevard for $121 per square foot, according to a press release. Stateside Capital Group, led by Norman Weinstein of Boca Raton, sold the property.
CBRE’s Robert Smith, Kirk Nelson and Jeffrey Kelly brokered the deal.
The warehouse was built in 1984 on an 8.5-acre site. It was 100 percent leased at the time of the sale to FedEx, according to the release.
The property last sold for $1.6 million in 1996, records show.
South Florida’s industrial market has been among the few bright spots in real estate during the coronavirus pandemic. Due to rising demand for e-commerce and last-mile distribution, large institutional investors like Blackstone and Prologis are increasingly buying warehouses in South Florida.