Mangonia, FL – September 11, 2015 – (RealEstateRama) — CBRE Investment Properties arranged the sale of the Mangonia Business Park, a small-bay industrial asset of five buildings in Mangonia, LLC, Florida. The 49,024 square-foot property at 4711 Australian Avenue was acquired by Mangonia, LLC, from GA 4711 Australian Avenue, LLC for $2.4 million.
“This micro-market is a location of choice for local businesses serving northern Palm Beach County, where the market as a whole is projected to experience robust rental growth through at least 2020,“ said Scott O’Donnell, Senior Vice President, CBRE Investment Properties. “Genet Property Group has quietly become one of the top small-bay industrial owners in Broward and Miami-Dade Counties. Our team recognized that Ben Genet was the perfect buyer for the asset.”
Completed in 2005, Mangonia Business Park features newer tilt-wall construction with 32 bays. It is the market’s newest facility to provide hurricane-impact construction, along with 18-foot clear height. Located immediately east of I-95 and just west of the Port of Palm Beach, the site includes five single-story buildings and 121 parking spaces on 6.78± acres. Mangonia Business Park was 90% leased at closing.
CBRE’s Dominic Montazemi, Miguel Alcivar, Greg Miller, and Robert Smith, together with Jason Hochman of CBRE Debt & Structured Finance, collaborated with O’Donnell in arranging the transaction.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
elizabeth.cross (at) cbre (dot) com
melinda.sherwood (at) cbre (dot) com