Midtown Capital Buys West Palm Beach Warehouses for $37M
An affiliate of Miami-based commercial real estate firm Midtown Capital Partners acquired a pair of warehouses in the Vista Business Park near West Palm Beach for $37 million.
Vista Business Park 17A LLC and Vista Business Park Inc., managed by Steven E. McCraney as CEO of West Palm Beach-based McCraney Property Corp., sold the 73,753-square-foot warehouse at 6903 Vista Parkway and the 99,294-square-foot warehouse at 2253 Vista Parkway, respectively. The buyer was Midtown Vista LLC, managed by Midtown Capital Partners CEO Alejandro Velez. Miami Lakes-based BankUnited provided a $24.05 million mortgage for the deal.
The price worked out to $214 a square foot. The warehouses are both small-bay buildings with space for multiple small businesses.
The building at 6903 Vista Parkway last traded for $6.29 million in 2004. It was constructed on the 6.5-acre site in 1990. According to a recent online listing, space there is available for rent for $13 a square foot.
McCraney developed the warehouse at 2253 Vista Parkway on the 7.9-acre lot in 2005. This is the first time it has sold.
There has been strong demand for industrial space in Palm Beach County as rents have increased. More population growth and online sales have caused space in warehouses to fill up quickly.
Midtown Capital Partners invests in multiple areas of commercial real estate, including office, industrial, retail, and multifamily. According to its website, the company has acquired over $200 million in property since the Covid-19 pandemic started.
Meanwhile, McCraney recently sold a warehouse in Coral Springs for $12 million.