Workman Real Estate Ventures closed a $4.15 million acquisition bridge loan on October 16 to buy 32,259 square feet of small-bay industrial at 3301 and 3519 Avenue K in Riviera Beach, and five days later bought a 13,200-square-foot industrial building at 1649 SE South Niemeyer Circle in Port St. Lucie for $2.2 million, according to Traded.
Workman Real Estate Ventures closed a $4.15 million acquisition bridge loan on October 16 to buy 32,259 square feet of small-bay industrial at 3301 and 3519 Avenue K in Riviera Beach, and five days later bought a 13,200-square-foot industrial building at 1649 SE South Niemeyer Circle in Port St. Lucie for $2.2 million, according to Traded. Together, the deals show an investor building a portfolio of older, smaller industrial buildings along the I-95 corridor north of the metro core.
Largo Capital arranged the bridge loan, with Arjun Arora originating it in partnership with BEB Capital. The purchase price was not disclosed. County property records show the two buildings were both built in 1964 on light industrial zoning: an 8,192-square-foot building at 3301 Avenue K used for auto service and a 24,259-square-foot warehouse at 3519 Avenue K on about 1.1 acres. The loan works out to about $128 per square foot. A bridge loan is short-term financing, often used when a buyer plans to improve a property, raise rents or lease up space before refinancing.
The Port St. Lucie purchase works out to about $167 per square foot, using the size reported by Traded; marketing materials put the building at 13,300 square feet, so the exact figure needs confirming. The building was marketed with 25-foot clear height and two dock-high doors, and XL Parts lists a location at the address. The lease terms at closing have not been published.
Small industrial buildings remain the tightest part of the market. In Palm Beach County, buildings under 50,000 square feet were only 3.4% vacant in CBRE’s third-quarter count, compared with 9.1% countywide. Older buildings in established industrial areas like Riviera Beach rarely sit empty for long, and new small-bay construction is limited because it is expensive to build. Investors who buy at a reasonable basis can raise rents as leases roll, which is the business plan a bridge loan is designed to support.
If you own an older small-bay building, investors are actively buying from Palm Beach County to the Treasure Coast, and private capital is available to finance them. If you are a tenant in one, expect a new owner to look closely at below-market rents when your lease comes up. If you are an investor, check the condition of roofs, loading and power closely in buildings of this age, and get the rent roll before relying on any income figure.
AXCESS Commercial represents small-bay owners and tenants from Palm Beach County to the Treasure Coast, with leasing, listing buildings for sale and day-to-day property management.
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