A newly built 84,000-square-foot industrial building at 1114 North Congress Avenue, just outside West Palm Beach, sold for about $27.52 million, roughly $327 per square foot, and business press reports identify the buyer as an affiliate of Miso Scale Diagnostics.
A newly built 84,000-square-foot industrial building at 1114 North Congress Avenue, just outside West Palm Beach, sold for about $27.52 million, roughly $327 per square foot, and business press reports identify the buyer as an affiliate of Miso Scale Diagnostics. The sale closed October 8, according to Traded. The seller was Hangar Bravo LLC, represented by Kyle Retamar and James Pavlik of Sutter & Nugent.
County property records place the building on a site of about 11 acres in unincorporated Palm Beach County, with a West Palm Beach mailing address. The 2025 tax roll valued the parcel at about $10.4 million, nearly all of it land, which is consistent with a building completed after that assessment. The recorded deed, the exact buying entity, the planned use and the move-in date had not yet appeared in public records at the time of writing.
At about $327 per square foot, this sale sits well above what investors have paid for larger, leased buildings in the county. In the third quarter, a 105,000-square-foot building in Jupiter’s Park of Commerce sold for about $188 per square foot, according to Cushman & Wakefield. Owner-users pay for different things than investors do. They are buying a building they can fit out for their own operation, on a schedule they control, with no landlord approvals for the power, ventilation or clean space a diagnostics or laboratory business may need. New construction on a large site in the Congress Avenue corridor, a short drive from I-95, is exactly what that kind of buyer has trouble finding.
It also reflects the market around it. The newest product in the county, such as The District in Boynton Beach, is asking more than $20 per square foot in rent, and the supply of new product is shrinking. For a business that expects to stay a decade or more, owning can be easier to justify than leasing at those rates.
A building that fits a distributor may not fit a laboratory. Before buying, confirm that the zoning allows the intended use, and that electrical capacity, HVAC and any humidity or temperature control can be delivered at a known cost. Check floor loading, ceiling clearance for equipment, and the timeline and cost of the fit-out, since that, not the closing, usually sets the real move-in date.
If you own a newer industrial building in central Palm Beach County, owner-users are a real buyer pool, and they will often pay above investor pricing for the right building. If you run a business that has been leasing, this is the time to compare the cost of owning against renewing, especially if your space needs specialized improvements. If you are an investor, expect owner-users to compete with you for the best-located new product.
AXCESS Commercial represents owner-users and building owners in Palm Beach County, whether the right move is leasing, listing a building for sale to an owner-user, or managing it as an investment.
Talk to our team about buying, leasing, listing or managing an industrial building →
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