The brand-new, fully secured parking lot is leased for 10 years to a national e-commerce company and serves as a hub for their last mile logistics operation, which requires parking for their fleet of delivery vehicles. The site is zoned for the future development of a potential 60,000-square-foot commercial property and is located in a Qualified Opportunity Zone.
“With 10 years of secure income and a potential redevelopment opportunity possible in the future, 8470 Belvedere Road presented an exciting and unique opportunity to capitalize on the increasing demand for last-mile logistics locations in land-constrained South Florida,” Montazemi said.
The seller, Mack Industrial, is a local family-owned and operated industrial development and investment company that specializes in serving the real estate needs of small and medium size businesses in Palm Beach and Broward Counties.
"We purchased the land in 2015 to develop an industrial commerce park and completed phase 1 of Palms West Industrial Park in December 2019,” noted Steve Mackey of Mack Industrial. “Plans for Phase 2 of the industrial park were modified to accommodate the parking needs given the explosion of on-demand shopping and the need for last-mile delivery."