Koda Interstate buys Riviera Beach industrial park for $13M
Three-building property was developed in 1987 and 2003
An industrial park in an Opportunity Zone in Riviera Beach sold for $12.8 million, another sign of strength in the market sector.
Koda Interstate bought the complex at 6555 and 6557 Garden Road and at 3541 Dr. Martin Luther King. Jr. Boulevard from Interstate Industrial Park Holdings, according to a press release.
Hollywood-based Koda is led by Brandon Kochen, Yonatan Dagan and Andrew Shub, according to state corporate records.
Interstate Industrial Park Holdings, led by Harry Spitzer, had paid $11.7 million for the complex in March 2019, a deed shows. Spitzer heads Miami-based private commercial real estate investment fund HS Capital Fund.
Douglas Mandel and Tyler Kuhlman of Marcus & Millichap in Fort Lauderdale marketed the property on behalf of the seller and brought the buyer. It was listed in the fourth quarter of last year for $13.5 million, according to the offering memorandum.
Interstate Industrial Park totals 161,087 square feet, with metal buildings on 8.7 acres, the offering shows. It was constructed 1987 and 2003.
It’s fully leased to 35 tenants, including the city of Riviera Beach, Loxahatchee Electrical Services and auto repair shop A&B Top & Textile, according to the offering memorandum. Palm Beach Laundry and Linen Service leased 21,000 square feet in the third quarter of last year.
Industrial real estate remained one of South Florida’s strongest asset classes over the past year, largely thanks to e-commerce growth.
In January, Boston-based STAG Industrial paid $31.75 million for a portfolio in Palm Beach County that included a building at 4268 Westroads Drive in Riviera Beach and three buildings in Lake Worth Beach.