Institutional Property Advisors Closes Industrial Asset Sale in West Palm Beach County
April 10, 2024
RIVIERA BEACH, Fla., April 10, 2024 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of 1800 Riviera Beach, a two-building, 74,103-square-foot industrial asset in Riviera Beach, Florida. The property sold for $12.4 million.
“The offering presented investors with a highly unique opportunity for an owner-user to occupy the property upon purchase,” said Zachary Levine of IPA. “Through our expansive marketing efforts, we were successful in identifying an end-user,” added Douglas Mandel, IPA executive managing director. Mandel and Levine represented the seller, Solar Tech Realty of Riviera Beach LLC. The buyer, 1800 Barack Obama LLC, a Florida limited liability company, was procured by Burt Minkoff of Douglas Elliman.
1800 Riviera Beach is situated along President Barack Obama Highway, formerly known as Old Dixie Highway, just under two miles from Interstate 95 via W Blue Heron Boulevard. Its convenient proximity to major transportation routes offers easy access to the Port of Palm Beach, the Island of Palm Beach, Downtown Palm Beach, and Palm Beach International Airport.
Constructed across three acres in 1974 and 1987, the property comprises various spaces, including 21,194 square feet of warehouse space leased through May 2025, a 3,091-square-foot research and development area, and 50,000 square feet of vacant warehouse and office space. The buildings are interconnected by internal doors and equipped with air conditioning and sprinkler systems. Clear heights reach 30 feet, and the property features seven dock-high loading bays and one oversized ramp.
“The offering presented investors with a highly unique opportunity for an owner-user to occupy the property upon purchase,” said Zachary Levine of IPA. “Through our expansive marketing efforts, we were successful in identifying an end-user,” added Douglas Mandel, IPA executive managing director. Mandel and Levine represented the seller, Solar Tech Realty of Riviera Beach LLC. The buyer, 1800 Barack Obama LLC, a Florida limited liability company, was procured by Burt Minkoff of Douglas Elliman.
1800 Riviera Beach is situated along President Barack Obama Highway, formerly known as Old Dixie Highway, just under two miles from Interstate 95 via W Blue Heron Boulevard. Its convenient proximity to major transportation routes offers easy access to the Port of Palm Beach, the Island of Palm Beach, Downtown Palm Beach, and Palm Beach International Airport.
Constructed across three acres in 1974 and 1987, the property comprises various spaces, including 21,194 square feet of warehouse space leased through May 2025, a 3,091-square-foot research and development area, and 50,000 square feet of vacant warehouse and office space. The buildings are interconnected by internal doors and equipped with air conditioning and sprinkler systems. Clear heights reach 30 feet, and the property features seven dock-high loading bays and one oversized ramp.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.