(Read more on the industrial market.)
PALM BEACH COUNTY, FL-Indianapolis-based Duke Realty Corp. has acquired 97 acres at the intersection of Jog Road and the Florida Turnpike with plans to develop 1.2 million sf of industrial/distribution space on the site.
The land acquisition consists of three separate, but contiguous parcels of land on both sides of the Florida Turnpike across from each other. The site offers more than 1,500 feet of turnpike frontage and direct access to the turnpike with new access ramps that will be constructed between the Belvedere Road and Okeechobee Road exits.
The company plans to begin construction in spring 2008 with completion of the first speculative property in early 2009. This is Duke's first industrial project in South Florida and Palm Beach County. The county currently has vacancy rates below 4%.
Duke Realty senior vice president, South Florida operations Ed Mitchell tells GlobeSt.com that the project will contain a total of 10 buildings. The first building will have 125,000 sf. Preleasing efforts for the project have started, but no leases have been signed. Mitchell anticipates the project will attract a variety of tenants including distribution and service-related tenants. The project is within an hour's drive of both Miami and Fort Pierce.
"With the strong South Florida industrial market and this property's turnpike and secondary road access, this is an ideal location for logistics and distribution with corporate identity exposure reaching Palm Beach, Broward and Dade counties and all of Florida," says Mitchell. "Additionally, this new development allows us to meet the most current requirements of third-party logistics providers and corporate America."
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