New South Florida Logistics Park Sells To Dalfen Industrial For $60.6M
JLL Capital Markets closed the $60.6 million sale of Turnpike Logistics Center, formerly Greene Space Industrial, a new, two-building logistics facility totaling 317,499 square feet in a highly sought-after West Palm Beach location.
JLL marketed the property on behalf of the developer, builder and seller, Jeff Greene. Dalfen Industrial acquired the asset and continues to be one of the most active industrial players, having recently added over $2.3 billion of properties to their portfolio in the past 18 months.
Completed in 2020, Turnpike Logistics Center consists of a 124,479-square-foot building at 1673 Meathe Dr. and the 193,000-square-foot building at 1715 Meathe Dr. The highly functional, rear-load buildings have best-in-class designs and market-leading features that include 32-foot clear heights, concrete tilt-wall construction, deep column spacing, a total of 94 dock-high doors, two drive-in doors, ESFR fire protection and ample vehicle parking.
Turnpike Logistics Center is in a prime distribution location with direct on-ramp access to the Florida Turnpike and is proximate to multiple Interstate 95 interchanges. Additionally, the property is immediately west of the Palm Beach International Airport and less than 20 minutes west from downtown West Palm Beach. This location provides tenants immediate access to the dense, local population and the ability to serve 65 percent of South Florida’s 6.2 million residents within a 60-minute drive.
The JLL Industrial Capital Markets team that represented the seller was led by Senior Managing Director John Huguenard, Managing Director Luis Castillo and Associate Cody Brais, along with Executive Managing Director Sky Groden with JLL’s Industrial Brokerage team.
“We’re seeing tremendous interest from investors looking to place capital in South Florida industrial and, in particular, for value-add opportunities like this one,” Castillo said. “The fundamentals are phenomenal, and, with quickly escalating land values and construction costs, pricing for existing assets will command a premium.”
“As a critical southeast distribution hub, we are thrilled to add two new buildings in this dense, land constrained market,” said Kevin Caille, Market Officer at Dalfen Industrial. “West Palm Beach will continue to be a major focus for Dalfen.”
“This best-in-class asset is an exceptional addition to our rapidly growing south Florida Portfolio,” said Sean Dalfen, President and Chief Investment Officer at Dalfen Industrial. “The barriers to entry are some of the highest in any market in the country and, coupled with the extremely affluent demographics of the area, this asset will be a highly sought after facility.”
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