• South Florida

Stockbridge Capital Sells Delray Beach Distribution Center for $18.5M

Cushman & Wakefield Represents Stockbridge Capital in its Disposition


Delray Beach Distribution CenterDelray Beach, Florida – Cushman & Wakefield announced today that it has brokered the $18.5 million sale of Delray Distribution Center, a 185,624-square-foot, two-building industrial facility located at 420 and 440 South Congress Avenue.

Senior Director Christopher Thomson, Executive Director Richard Etner, Executive Director Christopher Metzger and Associate Director Matthew McAllister represented Stockbridge Capitalin its sale of the asset to PetMeds for $18.5 million.

PetMeds is an online pharmacy offering pet medications and animal grooming products. The company, previously headquartered in Pompano Beach, will relocate its office and distribution headquarters to Delray Distribution Center.

Delray Distribution Center was built in 1994 on a 14.3-acre site in the Congress Park industrial sector. The building offers 26’ clear ceiling heights, dock-high and grade-level loading, a 150’ truck court, complete Early Suppression Fast Response (ESFR) fire sprinkler coverage and a generous parking ratio with room to expand. The facility is conveniently located on Congress Avenue with easy access to Interstate 95, Florida’s Turnpike and downtown Delray Beach. Notable tenants include DHL and Levenger.

“The disposition of Delray Distribution Center provides great insight into current market conditions,” said Thomson. “The South Florida industrial landscape is increasingly more supply-constrained and PetMeds saw an opportunity to meet its existing needs while investing in the future.”

 

“Stockbridge’s efforts to rehabilitate the property helped make that possible,” added Thomson. “They purchased the buildings out of foreclosure and made the necessary investments to create an institutional-quality asset which is now 100 percent occupied.”

Cushman & Wakefield research has documented the tightening of the Palm Beach County industrial market and predicts continued growth in the region.

“The industrial vacancy rate in Palm Beach County fell to 5.7 percent, its lowest level in five years, cutting in half the amount of available space in the market,” reported Senior Research Analyst Valerie Tatum in the company’s 4Q 2015 Palm Beach County Industrial MarketBeat Snapshot. “Every submarket in Palm Beach County was under 8.0 percent vacancy with most essentially having very little product vacant and ready for occupancy by new tenants. Moreover, only two industrial spaces over 100,000 square feet were vacant in the market.”

 

“The industrial market in Palm Beach County is poised for further improvement on continued job and economic growth,” added Tatum. “Cushman & Wakefield forecasts solid improvement in the industrial market for Palm Beach County for 2016.”

For Further Information Contact:

Christopher Thomson, SIOR
Senior Director
Cushman & Wakefield
+1 561 227 2020
christopher.thomson@cushwake.com

Matthew G. McAllister
Associate Director
Cushman & Wakefield
+1 561 227 2018
matthew.mcallister@cushwake.com

Richard. F. Etner, Jr., SIOR
Executive Director
Cushman & Wakefield
+1 954 771 0800
rick.etner@cushwake.com

Christopher J. Metzger, SIOR
Executive Director
Cushman & Wakefield
+1 954 771 0800
chris.metzger@cushwake.com

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