Altman Joint Venture Begins Vertical Construction Of New 200,000 SF Infill Logistics Warehouse In Delray Beach

Altman announced the commencement of vertical construction of the first phase of Apex Logistics Park at Delray, which is expected to be comprised of an approximately 200,000-square-foot, Class A logistics building in Delray Beach.

The installation of the first panels kicks off vertical construction of the development’s first phase, with plans to build up to an additional 472,000 square feet for a total of three planned state-of-the-art industrial buildings. The development is spearheaded by a joint venture between Altman Logistics Properties (f/k/a BBX Logistics Properties) and PCCP, a real estate finance and investment management firm.

Anticipated to become one of the first infill logistics projects located on US 441, north of the bustling commercial corridor of Atlantic Avenue, the first phase of Apex Logistics Park at Delray is anticipated to reach substantial completion in the second quarter of 2025. The development is expected to deliver modern, efficient and sustainable logistics space within the Palm Beach County industrial real estate market, where the US 441 corridor is one of the most critically underserved markets for logistics and warehouse space in South Florida, and the submarket continues to experience steady demand for new logistics space.

“We believe our milestone of going vertical at Apex Logistics Park at Delray marks an important moment for our platform’s progress and growth and gets us closer to delivering the first phase of our infill logistics development in one of South Florida’s most sought-after industrial markets,” said Mark Levy, President of Altman Logistics Properties. “The Park’s connectivity to major population centers and key transportation infrastructure offers prospective tenants a competitive edge to achieving their real estate logistics solutions. Additionally, the innovative logistics development will contribute to the continued economic growth of Palm Beach County.”

Led by seasoned industry professionals with over 75 years of combined institutional industrial experience, Altman Logistics Properties was formed for the purpose of developing Class A logistics developments in proximity to urban areas, with a focus on highly supply-constrained submarkets with strong population growth and significant consumption.

To lead the development’s leasing efforts, Altman Logistics Properties has selected Cushman & Wakefield’s Christopher Thomson and Matthew McAllister.

The efficiently planned Apex Logistics Park at Delray is expected to feature 36’ ceiling heights, 215 parking spaces, 45 dock doors, and both direct access to and frontage on US 441 and to be able to accommodate tenants seeking space in the approximately 40,000 to 200,000 square feet range. Amongst the project’s sustainable elements are anticipated to be R-19 roof insulation and solar-ready roofing, electric vehicle charging stations, indoor air quality enhancements, interior LED lighting, and advanced exterior lighting control systems. Apex Logistics Park at Delray is also in close proximity to numerous amenities, including a Publix supermarket, the Delray Marketplace, West Delray Plaza, Wawa, Joseph’s Classic Market, Dunkin Donuts, and an F45 training studio.

Spanning approximately 40 acres, the location of Apex Logistics Park at Delray offers optimal connectivity to the growing South Florida market with a combined population of over six million people and provides quick access to major interstates, including the Florida Turnpike, I-95, I-75 and I-595, airports such as Fort Lauderdale Hollywood International Airport and Miami International Airport, and distribution ports including Port of Palm Beach, Port Everglades and Port Miami. The location also offers access to approximately 1.1 million consumers within a one-hour drive and close proximity to a robust labor pool.

In addition to the planned logistics developments in New Jersey, Altman Logistics Properties has several other projects underway across Florida, including plans to break ground on an approximately 202,000-square-foot industrial development in Lakeland, a submarket situated between the Tampa Bay and Orlando metro areas. In partnership with FRP Development Corp., Altman Logistics Properties has also obtained approvals to develop an estimated 182,000-square-foot warehouse logistics facility in Davie on the site of a former event space and expects to start construction later this year.