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