Brown Distributing Sells Industrial Property to Boise Cascade
Building materials company Boise Cascade bought a flex-industrial property in West Palm Beach for $31 million, with plans to open a distribution facility on the site.
The Boise, Idaho-based firm’s building materials distribution division purchased the 120,000-square-foot property at 1300 Allendale Road in an all-cash deal from Brown Distributing, according to a news release from the seller’s broker. Boise Cascade plans to use the facility to support its Pompano Beach branch at 1341 Northwest 15th Street.
Robert Smith and Kirk Nelson led the CBRE team that represented the seller, David Oxios. Gabriel Garcia-Menocal led the NAI Miami team that represented the buyer.
Completed in 1987, the property consists of a 91,120-square-foot climate-controlled warehouse, a two-story office building spanning 20,000 square feet, a truck court and an auto service garage on 9.8 acres, the release says.
Led by Nate Jorgensen, Boise Cascade is a wholesale distributor and manufacturer of wood and plywood materials, according to its website.
Brown Distributing, led by Reid and Jason Brown, is a beer distributor that started out as a cherry-flavored soda distributor in 1919, according to its website. It’s based in Richmond, Virginia.
South Florida’s industrial market is experiencing an uptick of investment sales. This month, Arden Group’s logistics investment division paid $43 million for three nearly fully leased warehouses at 1100, 1300 and 1500 North Florida Mango Road in West Palm Beach.
That came on the heels of Strategic Storage Growth Trust III paying $19.5 million for the newly built self-storage facility at 8251 West McNab Road in Tamarac.
