STAG pays $32M for Palm Beach County industrial properties
Properties span 20 acres with four warehouses totaling nearly 150K sf
A Boston-based industrial real estate investment company bought industrial properties spanning about 20 acres in Palm Beach County for a combined $31.75 million.
The purchases by STAG Industrial include 4268 Westroads Drive in Riviera Beach and three in Lake Worth Beach, at 2230 and 2269 North Fourth Avenue as well as 3600 23rd Avenue South. The sites house four warehouses totaling nearly 150,000 square feet
The seller is an affiliate of Eastern Metal Supply, an aluminum products supplier based in Lake Worth Beach with locations in multiple states.
STAG, led by Benjamin Butcher, paid $15.25 million for 3600 23rd Avenue, a 68,000-square-foot warehouse on 3.3 acres, plus 2269 Fourth Avenue North, on 4.9 acres. Both warehouses were built in 1986.
The company paid $1.75 million for the Riviera Beach property, a 40,000-square-foot warehouse built in the 1970s on 6 acres. Eastern Metal bought the warehouse in 2000 for $4.7 million, records show.
STAG paid $4.75 million for the 40,000-square-foot warehouse at 2230 Fourth Avenue in Lake Worth Beach. Eastern Metal bought the land in a 2005 deal for $815,000. The warehouse, built in 2016, is on 3.3 acres. The building houses Eastern Metal’s Tigress Outriggers and Gear business.
In 2019, Eastern Metal landed an investment from Chicago-area private equity firm Wynnchurch Capital, according to a statement from the time.
Other recent industrial deals in the area include Dalfen Industrial paying $18.35 million for a Riviera Beach warehouse leased to FedEx, and the Easton Group selling a warehouse in Royal Palm Beach for $15.5 million.