Woodmont Industrial Partners (Woodmont), Butters Construction & Development (Butters), and PCCP LLC have officially broken ground on the first of eight buildings within the Palm Beach Park of Commerce (PBPOC). Located at 15430 Corporate Road North, this project will bring 303,364 square feet of for-lease Class A industrial space to the market by the second quarter of 2024.
According to Anthony Amadeo, Executive Vice President at Woodmont Industrial Partners, “Palm Beach County continues to be a thriving region for growth, and the Palm Beach Park of Commerce offers an exceptional location for businesses expanding in the South Florida market.” He further adds, “This groundbreaking marks an exciting milestone for Woodmont as it represents our third project in the Palm Beach Park of Commerce. We are proud to embark on this highly anticipated development venture alongside our valued partners Butters and PCCP. With strong demand and record-low vacancy rates, this Class A building will meet the needs of industrial users in Palm Beach County.”
The property will showcase impressive features, including 40-foot clear height ceilings, 60-foot speed bays, 43 dock-high doors, 2 drive-in doors, ±196-foot truck courts with fiber-reinforced concrete, and ample surface parking with 26 trailer parking spaces. Woodmont, Butters, and PCCP acquired the site in December 2021.
Kevin Chin, Managing Director at PCCP, expresses confidence in the project, stating, “We believe this collaboration with Butters and Woodmont presents a compelling opportunity to develop a well-conceived project within an established industrial park that has attracted strong credit tenants.”
Adam Vaisman, Director of Acquisitions at Butters, acknowledges the strength of the Palm Beach Park of Commerce, stating, “The Palm Beach Park of Commerce continues to demonstrate its robustness with ongoing tenant demand and strong absorption. The design and parameters of this project cater to the expanding base of businesses in the area, providing flexibility to meet the changing needs of local, regional, and international tenants. We are thrilled to continue and expand our partnership with Woodmont and PCCP.”
The PBPOC’s strategic location offers access to a robust labor market and is situated within an area experiencing substantial business and population growth. It is one of the few premier business destinations providing rail service, foreign trade zones, heavy industrial options, and direct Port of Palm Beach access. Additionally, the site offers convenient connectivity to the region’s extensive transportation network, including airports, the Florida Turnpike, and I-95. Christopher Thomson and Christopher Metzger of Cushman and Wakefield have been appointed as the exclusive brokerage firm for leasing the property.
Over the past year, Woodmont’s strategic expansion in South Florida continues with key acquisitions and groundbreaking events. The team recently announced three additional construction starts in partnership with Butters, including a 250,000-square-foot warehouse logistics facility in Jupiter, FL, a 75,989-square-foot warehouse and distribution facility in Lake Worth, FL, and the commencement of site work on a project in Fort Myers, FL, which will encompass 2.1 million square feet across 14 buildings to be delivered over the next three years. Woodmont’s commitment also extends to the Northeastern states, with approximately 8 million square feet of industrial space in their active development and renovation pipeline across New Jersey, New York, and Pennsylvania markets.