Alliance spends $17M on Lake Worth industrial property
Property totals nearly 16 acres
UPDATED, Feb. 26, 5:40 p.m.: Alliance purchased a warehouse on nearly 16 acres of industrial land in Lake Worth for $17 million.
Alliance 7233 Seacrest LLC bought two properties at 7233 Seacrest Boulevard and 7109 Seacrest Boulevard from 7233 Seacrest Boulevard LLC, according to records. Robert W. Fessler signed in favor of the seller.
The buying entity is an affiliate of Bryn Mawr, Pennsylvania-based commercial real estate investment firm Alliance HP.
The first parcel is 14.8 acres and includes a 135,000-square-foot warehouse. The second parcel is an acre with a parking lot. The deal equates to roughly $24.70 per square foot of land.
Benjamin Bruner, president of Bruner Group, brokered the deal.
7233 Seacrest Boulevard LLC, the seller, bought the two parcels in 2019 for $13.1 million, records show.
Alliance said in a press release that the property is expandable, with plans to add 90,000 square feet more warehouse space. The purchase is part of Alliance’s “Warehouse Fund II,” which is focused on acquiring small- and medium-sized infill industrial real estate in South Florida.
This purchase marks the firm’s third industrial investment in South Florida. Others include 225,000 square feet at 1601 Hill Avenue in West Palm Beach, purchased in 2019; and 77,000 square feet at the Lakeside Distribution Center in West Palm Beach, purchased in October, according to its website.
In 2019, Alliance bought the One Financial Plaza office tower in Fort Lauderdale for $82 million.
Palm Beach County’s industrial market has been active In recent months. In January, real estate investment company STAG purchased three properties in Lake Worth, and Kushner Companies plans to buy two properties near Delray Beach and one near Lake Worth. An industrial project is planned for the Delray-area property and a mixed-use multifamily development for the Lake Worth site.
In December, an industrial investment group based in Atlanta bought a warehouse in the Palm Beach Park of Commerce for $27.2 million.