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Venture One pays $36M for three Boynton Beach warehouses
Rosemont, Illinois-based firm acquired 304K sf of industrial space
Venture One Real Estate paid $36.2 million for a trio of Boynton Beach warehouses.
Through an acquisition fund, an affiliate of Rosemont, Illinois-based Venture One purchased Boynton Logistics Center, an industrial complex at 1200, 1210 and 1220 Southwest 35th Avenue, records and real estate database Vizzda show. The buyer obtained a $50 million mortgage from Lake Forest Bank & Trust Company.
The deal breaks down to $119 per square foot.
A Cushman & Wakefield team led by Mike Davis and Dominic Montazemi marketed the property.
The seller, an affiliate of North Miami Beach-based Elion Partners, paid $25.8 million for the 12-acre site in 2020, records show. Elion is led by managing partners Jack Azout, Shlomo Khoudari, Juan DeAngulo and Sylvain Argy.
The three buildings, spanning roughly 304,000 square feet, were completed in 2005, 2017 and 2018, records show. Boynton Logistics Center is 91 percent occupied, according to an online listing.
Led by principals Mark Goode and Roy Splansky, Venture One is a private equity firm that specializes in developing and acquiring industrial properties. In 2022, the firm expanded into Florida with the acquisition of an industrial building in Orlando, a press release states. Boynton Logistics Center is Venture One’s first acquisition in South Florida.
In January, Venture One paid $50 million for two industrial buildings in the Chicago suburb of St. Charles.
Last year, Venture One sold a 54-property industrial portfolio mostly in the Chicago area for $369 million to New York-based DRA Advisors.
South Florida’s industrial market has experienced a small flurry of trades in recent weeks, including a blockbuster purchase of an Amazon distribution center in Jupiter. Dallas-based Hillwood paid $106.5 million for the 1 million-square-foot facility.
Also this month, Wakefield, Massachusetts-based Northbridge Partners acquired a three-building industrial complex in Deerfield Beach. San Francisco-based Bristol Group sold Powerline Commerce Park to Northbridge for $18.1 million. The same Cushman & Wakefield team that sold Boynton Logistics Center marketed Powerline on behalf of Bristol.
Last month, Woodhill Real Estate paid $26 million for an industrial assemblage in Hialeah. The New York-based firm acquired six warehouses with a combined 159,000 square feet of space.