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Included in the approvals was a land-use change on 8 acres on the west side of State Road 7 near Atlantic Avenue. The builder expects to construct warehouses and office space on the parcel.
In a case of “strike while the iron is hot”, perhaps before it turns cold, the Business Development Board of Palm Beach County just took its decade-old “Wall Street South” campaign to midtown Manhattan with the purchase of giant electronic billboards. Meanwhile, the Fort Lauderdale’s Downtown Development Authority is circulating a report declaring that its central business district and Flagler Village are generating as much economic activity.
Despite multiple federal officials and regulators repeatedly saying that the entire banking system is sound, Moody’s recently cut ratings on a number of smaller and regional banks and put some larger ones on notice that they might face potential actions.
The trucking company Yellow filed for Chapter 11 bankruptcy on Aug. 6, and the shutdown is expected to put hundreds of industrial properties up for sale or lease, according to CoStar Group.
Industrial real estate investors have benefitted from the pivot to a regional supply chain focus. The asset class has outperformed almost all other commercial sectors.
The property last sold for $616,000 in 1980, so the sellers generated a huge return after a long-term investment. It currently has a 29,250-square-foot warehouse, but it will be demolished to build apartments.
The haves and have nots have emerged as commercial loans mature. For some loans on the cusp of maturing, the ability to refinance may require more cash from the borrower, especially as lending standards have tightened.
The Agricultural Reserve has become less agricultural over the past few decades, as farms have been developed into housing and some shopping centers. Industrial development could be the next wave.
Coconut Creek commissioners are expected next week to take the first set of votes on whether to permit developers to build a 385,000-square-foot light industry complex on vacant land on the northwest corner where Atlantic Boulevard and Lyons Road connect.
While much of the sector continues to be dominated by small owners/operators, its solid property fundamentals, credit tenants and low capital expenditures are beginning to bring in institutional money.
The names of those calling Palm Beach County home have changed its very reputation. Once known only as a vibrant vacation destination, today it’s a hub of business and industry.
The decade-old plan to rezone a 40-acre wholesale plant nursery west of Delray Beach so it could be sold to a commercial developer is on its way to fruition.
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