An affiliate of Vecellio Group broke ground on an industrial park near West Palm Beach after obtaining a $52.65 million construction loan.
United Bank of Charleston, West Virginia provided the mortgage to 101 Sansburys Way LLC, an affiliate of Vecellio Group, a construction materials firm and contractor. It covers the 32.8-acre site at the same address, which is on the north side of Southern Boulevard, just west of Florida’s Turnpike.
Fort Lauderdale-based Hernandez Construction recently filed notice with Palm Beach County that it started work on the project. The site was approved for three warehouses for a combined 435,800 square feet. The first phase is a 165,000-square-foot warehouse with 32-foot clear height.
The developer is working with Fort Lauderdale-based Helms Development on the project.
According to the fourth quarter report from Colliers, the Palm Beach County industrial market had a 3.2% vacancy rate, down from 3.6% a year earlier, amid 949,211 square feet of positive absorption over the year. There was 548,824 square feet under construction, so there was certainly room for more buildings based on the pace of absorption.