Gridline Properties Secures $16 Million Off-Market West Palm Beach Property for Alliance HP
Updated: May 24, 2022
Gridline Properties, a leading South Florida commercial real estate brokerage, announces the sale of 1426-1486 Skees Road for $16 million to Alliance Partners HP, LLC, an eponymous enterprise for the Bryn Mawr, Pennsylvania-based commercial real estate investment firm, which also has an office in Fort Lauderdale. The 8.26-acre property just West of Florida’s Turnpike is comprised of nine industrial buildings totaling 73,130 square feet, sold by GC Skees Industrial LLC. Yonatan Missika of Gridline Properties represented both sides of the deal, marking one of the highest price-per-square-foot trades in the county at $217 pp sqft.
Alliance is excited to expand its footprint of industrial assets in Palm Beach County,” said Peter Derrico, Florida market leader of Alliance HP. “These types of buildings are difficult to replicate in today’s market, and they are an excellent complement to our growing portfolio
The acquisition is part of the Alliance’s third $100M warehouse fund targeting “infill” industrial real estate in South Florida. The firm is one of the largest buyers of industrial real estate in the eastern United States region and is actively acquiring industrial properties throughout South Florida. This West Palm Beach purchase adds to the several hundred thousand square feet of industrial warehouse space they have picked up in Palm Beach County since 2021, along with the millions of industrial square feet throughout the rest of Florida.
“With only a 2% industrial vacancy rate in Palm Beach County there is incredibly strong demand for this type of asset, and sourcing a deal like this one is competitive,” said Yonatan Missika with Gridline Properties, who focuses on industrial properties and urban core development sites throughout the Tri-County region and has been assisting Alliance in expanding their existing industrial portfolio. “We are pleased to have secured this off-market property with a diverse set of tenants already in place, and the opportunity to create additional value.”
The seller, GC Skees Industrial LLC, owned and managed by Tony DeRosa and Phyllis McHenry, originally bought this property in 2014, added extensive renovations and stabilized the property with small businesses across multiple different industries. Both McHenry and DeRosa are seasoned real estate professionals with holdings all throughout the state of Florida.