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Midtown Capital Partners nabs West Palm business park for $37M
Miami-based firm acquired six-building portfolio for $211 psf
Midtown Capital Partners dropped $37 million for a six-building office and industrial park in West Palm Beach.
The Miami-based real estate investment firm bought the Vista Business Park at 2253, 2255, and 2257 Vista Parkway, and 6903, 6917, and 6931 Vista Parkway North, according to records. Midtown Capital, led by CEO Alejandro Velez, financed the acquisition with a $24 million loan from BankUnited.
The six buildings total 174,970 square feet, so the deal works out to $211 a square foot.
A Cushman & Wakefield team led by Mike Davis and Dominic Montazemi represented the seller, McCraney Property Company, a West Palm Beach-based industrial real estate investment firm.
McCraney paid $1 million for the properties at 2253, 2255, and 2257 Vista Parkway in 2002, according to records. The three buildings on those parcels were completed in 2005.
The trio of buildings at 6903, 6917, and 6931 Vista Parkway North were built in 1990. Records show McCraney paid $6.2 million for those properties in 2004.
Vista Business Center is 97 percent leased, according to a press release. Tenants include Max Guard Hurricane Windows, United Clinical Laboratory, Prestige Portraits, SNS Pavers and MAG Engineering.
In a statement, Davis and Montazemi said Vista Business Center drew strong interest from mostly out-of-state institutional and private investors, but Midtown Capital was selected as the buyer based on the firm’s “consistent track record as an institutional-quality investor” and it’s “entrepreneurial creativity.”
Formed in 2010, Midtown Capital has made over $500 million in acquisitions in the last five years, including more than $200 million during the pandemic, according to the firm’s website. In May, Midtown Capital paid $78 million for the Plantation Pointe office business park in Plantation.
In 2020, the firm spent $11 million for an Opa-Locka industrial building, $7.5 million for a Medley warehouse and $22.6 million for an information technology company’s headquarters in Miramar.
West Palm Beach has recently experienced a wave of deep-pocketed investors buying properties in all asset classes. Last month, affiliates of Starwood Capital Group paid $176.4 million for a group of affordable housing complexes in West Palm Beach and Green Acres. Redfearn Capital also picked up a two-story office and retail building in downtown West Palm Beach for $17.9 million. And a joint venture between Swedish firm Index Investments and West Palm Beach-based Verdex Construction spent $13.4 million for an office building at 1501 Belvedere Road.