Construction has commenced on a new warehouse and distribution center at 1939 7th Avenue in Lake Worth, Florida, developed through the collaborative efforts of Woodmont Industrial Partners (Woodmont) and Butters Construction & Development (Butters). This state-of-the-art facility offers 75,989 square feet of space and boasts Class A status. The project is the second to begin construction as part of the six collaborative projects that Butters and Woodmont have initiated within the last two years. The partnership is concurrently constructing a 250,000-square-foot facility in Jupiter, Florida, demonstrating its commitment to expanding its construction portfolio.
Aside from its actual square footage, the Lake Worth location will offer impressive features. These include a 24′ clear height, 14 loading docks, two drive-in doors, two concrete ramps, and ample surface parking. Woodmont and Butters secured the site in December 2021, and they received all the necessary development approvals in 2022. They anticipate the project will be fully completed by the end of the second quarter of 2023.
“Despite rising interest rates and inflation, South Florida’s industrial market remains resilient,” said Anthony Amadeo, Executive Vice President at Woodmont. “The market continues to see steady demand for high-quality warehouse and distribution facilities, as evidenced by the exceptionally low vacancy rates in the region. We’re proud to work alongside Butters Construction & Development to build a state-of-the-art industrial facility that helps to fill the product void and meets the needs of its end users.”
The 7th Avenue site, situated in the heart of Palm Beach County, offers an optimal location with convenient access to several significant roadways in South Florida, including I-95, the Florida Turnpike, and Dixie Highway, along with easy accessibility to Palm Beach International Airport and the Port of Palm Beach. It is an ideal choice for enterprises seeking to establish a regional distribution facility or warehouse headquarters.
“We have recognized a need for smaller tenant space in Lake Worth,” said Adam Vaisman, Director of Acquisitions at Butters. “The product has been very well received by the market based on the high number of inquiries to date. We’re thrilled to continue working with Woodmont on delivering much needed facilities to the market.”
Over the past year, Woodmont has completed several significant acquisitions in the country’s most active industrial growth markets, culminating in roughly 6 million square feet added to its expansive portfolio. The launch of the 1939 7th Avenue project is a direct result of Woodmont’s purchase of 115 acres of entitled land for industrial development in the Palm Beach Park of Commerce in partnership with PCCP and Butters towards the end of 2021. Additionally, in May 2022, Woodmont acquired a fully pre-leased, Class A warehouse building spanning 212,000 square feet and newly constructed at 15501 Park of Commerce Boulevard.
Woodmont Properties President, Lewis Zlotnick, will dedicate significant time in Florida as the team remains active in the South Florida market. Woodmont’s activity in Northeastern states, such as New Jersey, New York, and Pennsylvania, remains steadfast, with over 10 million square feet in its active pipeline for development and renovation across markets.