By Brian Bandell, South Florida Business Journal
An affiliate of Dalfen Industrial paid $12 million for a vacant property just south of Palm Beach International Airport.
Ranch House Realty LLC, managed by David Saunders of West Palm Beach-based K2 Motorcars, sold the 10.5-acre site at 2850 and 2886 Ranch House Road just outside West Palm Beach to DG Palm Beach Airport Property Owner, which is managed by executives at Dalfen Industrial in Dallas. The price equated to $1.14 million per acre.
The property was assembled for $6.4 million in 2018, so it gained in value.
K2 Motorcars filed plans in 2020 to build a luxury automobile storage and service facility on the site. The land was cleared for construction but no major work was done. However, the company still has its auto storage facility in Jupiter.
Dalfen Industrial spokeswoman Elizabeth Morley said the company plans to build a 131,837-square-foot warehouse there. She expects it to be completed in the third quarter of 2023.
Dalfen Industrial is a buyer and developer of industrial projects nationwide. Given this site’s close proximity to the airport and busy downtown West Palm Beach, it could be ideal for a distribution facility.