BBX Logistics Properties and PCCP paid $25 million for a 40-acre parcel in Delray Beach, Fla., to erect an industrial complex, the joint venture announced.
The site is between 9773 and 9863 Happy Hollow Road, adjacent to U.S. Route 441, in an agricultural reserve at the western edge of Delray Beach.
The joint venture plans to construct a three-building complex spanning 672,533 square feet, called BBX Park at Delray. While each warehouse will span about 200,000 square feet, the development plans will accommodate tenants seeking as little as 50,000 square feet, Mark Levy, president of BBX Logistics Properties, told Commercial Observer.
Last month, Palm Beach County approved plans for an industrial development on the site.
Construction for the first phase is set to begin during the first quarter of 2024 after the project secures financing. So far, BBX contributed $2.9 million to the joint venture and plans to funnel an additional $2.5 million.
BBX, which is based in Fort Lauderdale, also runs Altman Companies, a multifamily developer. Last month, it sold a newly constructed, 312-unit apartment complex along Miami’s Ludlam Trail for $91 million.
PCCP, an L.A.-based real estate investor, purports to have $22.5 billion assets under management.
Julia Echikson can be reached at jechikson@commercialobserver.com.
Read More Channel, Land, Sales, BBX Park at Delray, Florida, South Florida, BBX Logistics Properties, PCCP BBX Logistics Properties and PCCP paid $25 million for a 40-acre parcel in Delray Beach, Fla., to erect an industrial complex, the joint venture announced. The site is between 9773 and 9863 Happy Hollow Road, adjacent to U.S. Route 441, in an agricultural reserve at the western edge of Delray Beach. The joint venture plans
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