15501 Park of Commerce Blvd. in Jupiter, Florida — Courtesy: Woodmont Industrial Partners
By Joshua Burd
Woodmont Industrial Partners has expanded its portfolio outside New Jersey with the acquisition of a newly delivered, 212,000-square-foot warehouse in South Florida.
The firm said the property, located at 15501 Park of Commerce Blvd. in Jupiter, is fully preleased to two tenants and will have 36-foot clear ceiling heights, a modern sprinkler system, ample parking for cars and trailers and a reinforced concrete truck court. The site also provides easy access to highways such as Route 710, the Fairfield-based team said, along with proximity to Palm Beach International Airport and the Port of Palm Beach.
The Woodmont Properties affiliate purchased the property for $21 million.
“The South Florida industrial market is experiencing a tremendous demand for quality space as e-commerce brands and companies across industries seek additional square footage,” said Anthony Amadeo, vice president at Woodmont Industrial Partners. “We remain extremely bullish on the future and growth of the South Florida market and specifically in Palm Beach County, where we are slated to construct an additional 2 million square feet over the next 24 months.
“It was a pleasure working alongside the TPA Group in structuring this forward commitment and we’re thrilled to be able to fully prelease the site to two high-quality tenants. We will continue to seek out new opportunities in the market to expand our footprint.”
WIP’s acquisitions over the past year have totaled some 4 million square feet, the firm said, as it targets the country’s most active industrial growth markets. The Jupiter deal follows its purchase late last year of 115 acres entitled for industrial development in the Palm Beach Park of Commerce, in partnership with PCCP and Butters Construction & Development.
All told, the team has more than 7 million square feet in its active pipeline for development or renovation, with its target markets also including New Jersey, New York and Pennsylvania.