Empty Delray Beach Warehouse Sold..$73/SF

Written by smacke01 on February 17th, 2010

In a previous post, I questioned what the value of an empty warehouse in today’s market would be.  I just came across an interesting warehouse sale that closed.

Its a 15,000 sf warehouse right in downtown Delray Beach up against the railroad tracks at 313 NE 3rd Street.  The warehouse sold for $1.1m ($73/sf) to the Delray Beach Community Redevelopment Agency (CRA).  The Delray CRA certainly isn’t an end user or a standard real estate investor and they paid $73/sf.  That doesn’t bode well for empty warehouses when community CRA’s are your only buyer at $73/sf when the previous owner paid $1.8m ($120/sf) back in the heyday.  That’s a 40% decrease in value and it could have been worse if the Delray CRA didn’t step in.

If you own an empty warehouse, do what you have to do to fill it with tenants and hold on for a better day.  Or just cut your loses and dump it.

Empty Delray Warehouse

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This entry was posted on Wednesday, February 17th, 2010 at 7:15 pm and is filed under Commercial Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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