Pishon II Pike Road LLC sold the warehouse condos at 342-346 Pike Rd. in West Palm Beach, FL to Tigertail Lake Warehouses, Ltd. for $8 million, or approximately $109 per square foot. At the time of sale, the small-bay warehouses were 90 percent occupied.
Built in 2008, the properties sit on 6.9 acres. The warehouses have immediate access to the Florida Turnpike and are located in the West of Turnpike Industrial submarket, part of the Southern Park of Commerce.
Scott O'Donnell and Dominic Montazemi with CBRE's private capital group represented the seller. Rick Zorovich with ICS (Industrial Commercial Specialists), Inc. represented the buyer.
Please refer to CoStar COMPS #2801592 for more information on this transaction.
Editor's Note: The news story was corrected to show Tigertail Lake Warehouses acquired the property, and not ICS, Inc. as originally reported. Tigertail is headed by Fred Zorovich and Rick Zorovich and has an existing portfolio of properties in South Florida.