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.
Two of those will total 130,000 sf and one will be 228,000 sf. The new park, called Premier Park of Commerce, is expected to have its first building up within the next 10 to 12 months, according to Smith.
All the buildings will contain leased space. However, no potential tenant names were released at press time.
“I think the fact that we're going to be next to the Cosco distribution facility will be an asset to us” and get companies interested in locating there, he says. But mainly, “The distribution market is very tight and healthy, and we see a lot of growth in the area. There's a strong demand for warehouse space in that submarket [of West Palm Beach].”
Palm Beach County had a 3.2% overall vacancy rate in its industrial space and nearly 14.06 million sf of industrial inventory, according to Cushman & Wakefield's first-quarter industrial report.
Smith, vice president with the Palm Beach County office of CB Richard Ellis Inc., represented both the buyer and the seller in the transaction.
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