Tag Archive for: palm beach park of commerce

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Woodmont Industrial Partners and Butters Construction & Development have begun construction on a 250,000-square-foot warehouse logistics facility located within the Palm Beach Park of Commerce in Jupiter.

The property will sit on a 16-acre site that was purchased by Woodmont Industrial Partners and Butters Construction & Development in December 2021. The facility will feature 36’ clear height with 48 dock doors, two drive-in doors and ample automobile parking spaces. Completion is expected in Q2 2023.

Christopher Thomson of Cushman & Wakefield will serve as leasing broker for the property.

The 1,300-acre master-planned Palm Beach Park of Commerce offers rail service, foreign trade zones, heavy industrial options and access to Interstate 95, Bee Line Highway and the Port of Palm Beach.

Woodmont Industrial Partners and Butters Construction & Development currently have eight additional parcels in the Palm Beach Park of Commerce slated for development in the next 24 months that over 1.6 million square feet.


Source: ConnectCRE

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Four months after acquiring a massive development site at Palm Beach Park of Commerce, Woodmont Industrial Partners paid the same seller $21 million for a recently completed warehouse nearby.

An affiliate managed by Eric Witmondt, CEO of the Fairfield, New Jersey-based commercial real estate firm, bought the 212,000-square-foot facility at 15501 Park of Commerce Boulevard in Jupiter. The seller is an affiliate of Atlanta-based TPA Group, records show.

Woodmont Industrial paid $99 a square foot for the warehouse, which is pre-leased to two tenants, a press release states. The buyer obtained a $7.5 million mortgage from Valley National Bank, records show.

TPA recently completed the warehouse after breaking ground last year, the release states. The building has a 36-foot ceiling height clearance, parking for cars and trailers, and a concrete truck court. It was the last Palm Beach Park of Commerce property owned by TPA.

The master-planned industrial park spans 1,300 acres with heavy and light industrial developable land, as well as commercial building sites, according to TPA’s website.

In January, TPA Group sold 116.6 acres at Palm Beach Park of Commerce to Woodmont Industrial for $40.4 million, records show. In a partnership with PCCP and Butters Construction & Development, Woodmont Industrial plans to build eight warehouses, the release states. The first two buildings, spanning a combined 354,390 square feet, are expected to be completed in July 2023.

In a statement, Woodmont Vice President Anthony Amadeo said the firm is “extremely bullish” on Palm Beach County, where the company is building 2 million square feet of industrial space in the next 24 months.

“Woodmont will continue seeking deals to expand its footprint in South Florida’s industrial market,” Amadeo said.

Palm Beach County has a significant need for new industrial space. In the most recent quarter, tenant demand was so high that leasing volume slowed substantiallydue to a lack of available spaces and new projects, according to a JLL report.

Net absorption shot up to 135,862 square feet in the most recent quarter, compared to 52,247 square feet during the same period of last year. Yet, only 321,000 square feet of new industrial space is currently under construction in Palm Beach County, the report shows. The county had a first quarter vacancy rate of 4.5 percent, and asking rents for industrial tenants averaged $9.47 a square foot.


Source: The Real Deal

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Cushman & Wakefield arranged the sale of an 81.1-acre parcel of land zoned for up to 1 million square feet of industrial development located in Jupiter.

The final sale price was $63,325,000.

Located at Palm Beach Park of Commerce, the property is 100% leased to Insurance Auto Auction, a globally recognized company in the auto-salvage industry duopoly, and will serve as a mission critical location in the tenant’s South Florida operations.

The property is located less than one mile from the Bee-Line Hwy, providing exceptional access throughout Palm Beach County, Treasure Coast, and greater South Florida via Interstate 95 and the Florida Turnpike.



Atlanta-based TPA Group broke ground for a 220,000-square-foot warehouse at an industrial park in Palm Beach County after landing an $11.5 million loan to finance construction.

Texas Capital Bank provided the construction loan to an affiliate of TPA Group, NHT Palm Beach LLC.

Jacksonville-based general contractor Conlan Co. recently notified Palm Beach County that it started building the warehouse.

The 18-acre site of the warehouse project is within the 1,000-acre Palm Beach Park of Commerce, located west of Palm Beach Gardens.

It is a speculative development, according to Christopher Thomson of brokerage firm Cushman & Wakefield, the leasing agent for the warehouse.

Thomson told the South Florida Business Journal that TPA Group plans to rent the warehouse for $6.95 per square foot, and construction is expected to conclude by June 2019. Existing tenants at the Palm Beach Park of Commerce include CSX, McLane and Walgreens.

Kelly Slater Wave Co. plans to build a wave lake at the park called Surf Ranch.


Source: The Real Deal