EML Realty Partners, based in Jupiter, Florida, announced the acquisition of two new industrial properties in Melbourne and Daytona Beach.
The first property, located at 7003 Technology Dr. in Melbourne, totals 17,568 square feet on two acres. The second property, located at 840 Jimmy Ann Drive in Daytona Beach, totals 18,800 square feet on approximately 3 acres.
Ferguson Plumbing Supply has been the tenant in both of these buildings since 2006. The purchase price of these buildings, around $50 per square foot, was less than the land value alone.
“Both of these properties are great value add extremely functional buildings with excess land for storage and the rents are way below market” said Eric Levitt. “We are excited to add these value add industrial properties, leased for many years by Ferguson Plumbing Supply, an NYSE credit tenant, to our growing portfolio. This will be a great long term deal for EML as the rent adjusts to a market rate, that will add significant value to our purchases.”
The purchase of these two buildings marks EML Realty Partners’ 10th acquisition this year with over $35 million in purchases, with the plan to close on a few more properties before year’s end. The higher interest rate environment has created many off-market opportunities that EML has taken advantage of.
EML Realty Partners specializes in the acquisition of opportunistic commercial real estate investments, specializing in value-add industrial all over the state of Florida. Prior to moving to Florida, EML Realty Partners was a very active and well-respected real estate firm in the Mid-Atlantic region.
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