The subject property is a 6,360-square-foot facility sitting on 2.03 acres located just off of Interstate 95 on Interstate Park Road South. Ferguson Enterprises has occupied this space since 1996, and has recently signed a six-year lease renewal. There are over four and one-half years remaining on the lease, as well as one, five-year option to renew. This opportunity allows an investor to enjoy a strong yield with minimal landlord responsibilities.
Riviera Beach is a city located in Palm Beach County. Situated along the southeastern coast of Florida, Palm Beach County encompasses 47 miles of coastline with extraordinary beaches. The county contains 1.4 million people and is expected to add more than 93,200 residents through 2022. Riviera Beach is five miles north of West Palm Beach, which is the largest city in the county, with 107,900 residents. West Palm Beach is minutes from Palm Beach International Airport, and the Port of Palm Beach, which is Florida's fourth busiest port. The city offers an incredible business infrastructure that cuts costs, improves efficiencies and makes business easier to do than other areas of the country. The area proves an educated and talented workforce made possible through superb public and private schools, technical colleges and local universities. The city actively fosters a positive, pro-business climate; fast-tracking development, permits, cutting red tape; and where possible, locating grants and financial assistance. Maybe most importantly, the State of Florida enjoys no state or local income tax.
Riviera Beach is home to the Port of Palm Beach, which is one of the larger employers in Palm Beach County and is an economic engine for the county. Approximately 2,400 people are employed directly and indirectly because of the port, which contributes $260 million business revenue and $12 million in state and federal taxes. Over $7 billion worth of commodities moves through the port each year. The Port of Palm Beach is the fourth busiest container port of Florida’s 14 deepwater ports, and is the 18th busiest container port in the United States.
