A group of developers announced plans to build a major industrial park one week after acquiring a 24.2-acre property in Lake Park.
The vacant property is on the north side of Silver Beach Road, just east of Congress Avenue. It was acquired for $17.2 million by ASVRF Silver Beach Road, a joint venture between Ridgeline Property Group, Mitchell Property Realty and American Realty Advisors.
The developers said the project, dubbed Silver Beach Industrial Park, would total 363,288 square feet in four buildings. Each building would total 90,822 square feet with a 32-foot clear height. That would make them ideal for distribution businesses.
“It is excited for us to be partnering with RPG in Florida,” said Ed Mitchell, president of Mitchell Property Realty. “We believe their national relationships with capital sources, brokers and tenants, coupled with our local market expertise, creates an exceptional platform for us to grow our industrial presence.”
The project has yet to secure approval from town officials. The developers plan to deliver it in the first quarter of 2022. Robert Smith of CBRE was retained to lead the marketing effort.
There aren’t many large tracts of industrial land left in eastern Palm Beach County, yet demand for space is growing as more people order goods online. The property isn’t far from the Port of Palm Beach, which has a busy shipping operation.