Woodmont, PCCP, Butters Start Palm Beach Industrial Project
The first of eight planned buildings will come online in 2024.
Woodmont Industrial Partners, in partnership with PCCP LLC and Butters Construction & Development, has broken ground on the first of eight facilities that it plans to build within Palm Beach Park of Commerce in Jupiter, Fla. Developers started work on a 303,364-square-foot Class A building, set to come online in the second quarter of 2024.
This groundbreaking represents Woodmont’s third project within Palm Beach Park of Commerce, a 1,200-acre master-planned industrial park, designed to encompass 6.5 million square feet of space, with parcel sizes ranging between 1 and 45 acres. It is currently home to more than 70 companies and is the largest fully entitled developable industrial product in the South Florida region. It includes access to foreign trade zones, rail services and major transportation infrastructure. Cushman & Wakefield is the appointed leasing agent for the entire industrial park.
READ ALSO: The Big City Rebound and Its CRE Implications
The partnership purchased the 20-acre development site in December 2021 for $6.6 million, Palm Beach County public records show. The same source reveals that Hartford Fire Insurance Co. has provided a $27.5 million construction loan.
Taking shape at 15430 Corporate Road N., the building will include 40-foot clear heights, 43 dock high doors, 60-foot speed bays, 196-foot truck courts, 206 vehicle parking spots and 26 trailer parking spots.
The development is 19 miles from Port of Palm Beach, 23 miles from Palm Beach International Airport and within 45 miles of Boca Raton, Fla. Additionally, tenants will have access to Fort Lauderdale, Fla., Miami and Port St. Lucie via Interstate 95 and Florida Turnpike.
Woodmont’s recent expansion
Woodmont has been active in the South Florida region in the past year, with recent projects including a 250,000-square-foot logistics center in Jupiter and a 75,989-square-foot industrial project in Lake Worth, both developed in partnership with Butters Construction.
Woodmont’s Northeast pipeline includes 8 million square feet of space, with development and renovation projects underway. In January, the company partnered with EverWest Real Estate Investors for an industrial development in South Brunswick, N.J., consisting of the renovation and expansion of a 145,000-square-foot logistics facility.
