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Known as South Florida Logistics Center 95, the park is expected to lure tenants from nearby Palm Beach and Broward counties due to competitive rent rates, a cheaper cost of living for workers and a world-class logistics and transportation network that places users within three hours of 70% of the state’s population.
Still in the planning stages, Fifield looks to develop a mixed-use apartment community on their newly acquired site.
The purchase price amounts to $234 per square foot.
Dennis Carson with CBRE represented both the buyer and seller in the transaction.
CREC Capital’s co-founders Alan Esquenazi and Warren Weiser facilitated the sale. Danny Finkle and Eric Williams from JLL represented the buyer, an entity controlled by Wharton Realty Group, in the transaction.
The Richman Group of Companies acquired the asset with plans to develop 396 multi-housing units within a single mid-rise building including structured parking.
Rowley has successfully overseen the growth of Avison Young’s Florida region for the past 9 years.
His media company relocated to South Florida in early 2021 and the company is expected to base its new headquarters in one of the buildings.
“The Lake Worth submarket remained at 95% occupancy or above in 2020 and is poised for additional rent growth.”
The current zoning for the 0.69-acre site permits high-density development, including residential, commercial/retail, lodging, civic and civil support.
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