Arden Group’s logistics investment division bought three warehouses in West Palm Beach for $43 million. Arden Logistics Parks scooped up the three buildings in October, according to records and real estate database Vizzda.Â
The buyer assumed the $24.1 million balance of the seller’s loan and increased it to $48 million, with the collateral being for the West Palm warehouses, as well as three industrial buildings in Minnesota. CIT Bank, a division of First-Citizens Bank & Trust Company, is the lender. The buildings are 98 percent leased to 40 tenants, according to an Arden Logistics Parks news release announcing the purchase.Â
Completed between 1984 and 1986, the one-story buildings span roughly 195,500 square feet on 11.1 acres, according to the release. The sellers originally paid $34 million for the real estate in 2021, property records show.Â