WEST PALM BEACH, FL-Premier Asset Management Inc. has purchased a 41.6-acre tract of industrial land in West Palm Beach, FL and plans to build a 500,000-sf retail/office/warehouse project there.MIP Ventures Ltd. sold the property for approximately $4.2 million, or about $100,864 per acre and $2.35 per sf. The property is located at the northeast corner of 45th Street & Turnpike, directly east of a new, 450,000-sf Cosco distribution facility being built.

Premier Asset Management is planning to build four buildings in the project, Robert Smith, the broker involved in the deal, tells GlobeSt.com.

A small building in the front is planned to total 19,845 sf and be retail space, he says. “The second, third and fourth (buildings) are all big-box warehouse buildings,” Smith says.