As reported in The Real Deal.

Dalfen Industrial paid $18.35 million for a Riviera Beach warehouse leased to FedEx, as demand in the sector continues to be strong despite the pandemic.

Dallas-based Dalfen Industrial purchased the 150,852-square-foot warehouse at 1177 West Blue Heron Boulevard for $121 per square foot, according to a press release. Stateside Capital Group, led by Norman Weinstein of Boca Raton, sold the property.

The warehouse was built in 1984 on an 8.5-acre site. It was 100 percent leased at the time of the sale to FedEx, according to the release.

The property last sold for $1.6 million in 1996, records show.

South Florida’s industrial market has been among the few bright spots in real estate during the coronavirus pandemic. Due to rising demand for e-commerce and last-mile distribution, large institutional investors like Blackstone and Prologis are increasingly buying warehouses in South Florida.