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.
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.
Commercial Observer 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
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
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