CONTACT US
Share: Share on Facebook Share on Twitter Share on LinkedIn I recommend visiting cushmanwakefield.com to read:%0A%0A {0} %0A%0A {1}

Cushman & Wakefield Arranges $4.6M Sale of 3.7-Acre Newly Built Last-Mile Logistics Hub Parking Lot

8/20/2020
Cushman & Wakefield has arranged the $4.6 million sale of a 3.7-acre parking lot located at 8470 Belvedere Road in West Palm Beach, Florida. Dominic Montazemi, Scott O'Donnell, Greg Miller, Mike Ciadella and Miguel Alcivar, along with CBRE’s Kirk Nelson, represented the seller, Mack Industrial, in the transaction. Belvedere RE LLC acquired the property.

8470 Belvedere

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."

About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2023, the firm reported revenue of $9.5 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), sustainability and more. For additional information, visit www.cushmanwakefield.com.

With your permission we and our partners would like to use cookies in order to access and record information and process personal data, such as unique identifiers and standard information sent by a device to ensure our website performs as expected, to develop and improve our products, and for advertising and insight purposes.

Alternatively click on More Options and select your preferences before providing or refusing consent. Some processing of your personal data may not require your consent, but you have a right to object to such processing.

You can change your preferences at any time by returning to this site or clicking on  Cookies

More Options
Agree and Close
These cookies ensure that our website performs as expected,for example website traffic load is balanced across our servers to prevent our website from crashing during particularly high usage.
These cookies allow our website to remember choices you make (such as your user name, language or the region you are in) and provide enhanced features. These cookies do not gather any information about you that could be used for advertising or remember where you have been on the internet.
These cookies allow us to work with our marketing partners to understand which ads or links you have clicked on before arriving on our website or to help us make our advertising more relevant to you.
Agree All
Reject All
SAVE SETTINGS