Fort Lauderdale-based BBX Logistics Properties has partnered with PCCP, a Los Angeles-based investment management firm, on plans for a 40-acre logistics facility in Palm Beach County’s Agricultural Reserve.
:quality(75))
BBX Logistics, a subsidiary of BBX Capital Real Estate and BBX Capital, and PCCP are planning to build 593K SF of industrial space across three buildings at the intersection of U.S. Highway 441 and Happy Hollow Road in Delray Beach. The first phase of the project, called BBX Park at Delray, will include a 200K SF building, with two other facilities planned for the future.
“Our plans at BBX Park at Delray reflect our goal of delivering high-quality logistics space in the heart of the rapidly growing population center of Western Palm Beach County,” BBX Capital President Seth Wise said in a statement.
The joint venture plans to begin construction of the first building in the first quarter of 2024, but it hasn't secured debt financing to begin site work. BBX contributed $2.9M to the venture and expects to contribute an additional $2.5M to complete the development, according to the release.
The multitenant buildings would accommodate tenant footprints as small as 50K SF. The warehouses will have 36-foot clear heights, with each having between 31 and 37 dock-high doors and three or four grade-level doors. The project will also include solar-ready roofs and electric vehicle charging stations.
“We believe BBX Park at Delray will redefine the standards of logistics facilities, and we are excited to embark on this journey with PCCP to deliver a space that will contribute to local employment and fuel economic growth,” BBX Logistics Properties President Mark Levy said in a statement.
The developers paid Suzanna, Diana and James Mulvehill $25M for the site at 9863 and 9773 Happy Hollow Road, a spokesperson for the joint venture confirmed.
Palm Beach County’s zoning board approved the project for up to 673K SF in May, granting the parcel a commerce designation and rezoning it from agricultural reserve to multiple-use planned development.
“We want to thank the Palm Beach County Commissioners and County staff who worked so tirelessly with us,” Levy said.
The commerce land use designation was created last year and banned heavy industrial uses but permitted warehouse development in the agricultural reserve, a 22,000-acre swath of land established in the 1980s. It was initially envisioned as protected land for agriculture, environmental resources and water management, but it has since seen significant residential construction.
Several developers have proposed warehouse developments under the commerce designation, and Palm Beach County commissioners approved two other projects under its guidelines on Aug. 24.
One of the developments would add up to 155K SF of warehouse space on 8 acres on the west side of State Road 7 near Atlantic Avenue, The Palm Beach Post reported. The second development, from Palm Beach-based Channing Corp. and Coconut Creek-based Butters Group, is an eight-building project on 47 acres at the intersection of Acme Dairy Road and Boynton Beach Boulevard.
The project, called The District, will include 330K SF of warehouse space, an 82K SF office building and 125K SF of recreational uses open to the community, including 16 indoor pickleball courts, a fitness center and a microbrewery with a tap room.
)
)
)
)
)
)
)
)
)
)
)
)