Westmount Realty Capital announced Aug. 29 it sold a 241,626-square-foot warehouse near St. Augustine for $21.85 million.
Westmount sold the 25-acre property Aug. 24 through Deer Park Property LP. The buyer is BVIP 4055 Deerpark LLC, a Chicago-based company with the same address as Blue Vista Capital Management, a real estate investment firm.
The warehouse, at 4055 Deerpark Blvd. in Elkton, was built in 1994, It is leased to KeHE Distributors, a wholesale food company.
Westmount said in a news release that KeHE has been a tenant since 2008 and employs 200 workers at the site.
Westmount said the building can be expanded by 100,000 square feet and has a new roof.
“Deerpark is an excellent value-add investment opportunity with top-notch tenant KeHE, one of the largest and most respected organic and specialty food distributors in the country,” said Nick Sands, Westmount’s managing director of acquisitions in the Southeast.
“Florida’s rapid growth leaves almost no vacancy in this submarket and even less throughout the overall marketplace for air conditioned/cold storage space.”
Westmount acquired the property in 2021 for $16 million.