By Brian Bandell, South Florida Business Journal
A pair of warehouses near West Palm Beach developed by billionaire Jeff Greene sold for $60.6 million.
The 317,499 square feet of warehouses at 1673 and 1715 Meathe Drive in Palm Beach were sold by 2104 Cahuenga Partners LP and 1520 Vista Partners LLC, companies affiliated with Greene, to Green Spaces Property Owner, an affiliate of Dallas-based Dalfen Industrial. The buyer obtained a $54.7 million mortgage from Morgan Hills Group, in care of Square Mile Capital Management.
The price equated to $191 per square foot. The warehouses were recently completed on the 29.6-acre site just south of the Okeechobee Boulevard exit of Florida’s Turnpike.
Originally called Greene Space Industrial Park, the property was renamed Turnpike Logistics Center by Dalfen Industrial. It does not yet have any tenants.
“This best-in-class asset is an exceptional addition to our rapidly growing South Florida portfolio,” said Sean Dalfen, president and chief investment officer of Dalfen Industrial. “The barriers to entry are some of the highest in any market in the country and, coupled with the extremely affluent demographics of the area, this asset will be a highly sought-after facility.”
“We’re seeing tremendous interest from investors looking to place capital in South Florida industrial and, in particular, for value-add opportunities like this one,” Castillo said. “The fundamentals are phenomenal, and, with quickly escalating land values and construction costs, pricing for existing assets will command a premium.”
Dalfen Industrial, which specializes in last-mile delivery centers, has been especially active in Palm Beach County of late. It recently acquired a property near Palm Beach International Airport and announced plans to build a distribution warehouse there. In 2020, it purchased two industrial properties in Palm Beach County, including a distribution warehouse in Riviera Beach.