Construction Of 220,000-Square-Foot Spec Warehouse Starts In Palm Beach County

Date: Author: Larry Genet

Atlanta-based TPA Group broke ground for a 220,000-square-foot warehouse at an industrial park in Palm Beach County after landing an $11.5 million loan to finance construction.

Texas Capital Bank provided the construction loan to an affiliate of TPA Group, NHT Palm Beach LLC.

Jacksonville-based general contractor Conlan Co. recently notified Palm Beach County that it started building the warehouse.

The 18-acre site of the warehouse project is within the 1,000-acre Palm Beach Park of Commerce, located west of Palm Beach Gardens.

It is a speculative development, according to Christopher Thomson of brokerage firm Cushman & Wakefield, the leasing agent for the warehouse.

Thomson told the South Florida Business Journal that TPA Group plans to rent the warehouse for $6.95 per square foot, and construction is expected to conclude by June 2019. Existing tenants at the Palm Beach Park of Commerce include CSX, McLane and Walgreens.

Kelly Slater Wave Co. plans to build a wave lake at the park called Surf Ranch.

 

Source: The Real Deal

Larry Genet
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Larry W. Genet is a Senior Vice President in the CBRE, Inc. Miami, FL office. As part of the CBRE platform Mr. Genet can provide a wide range of services from local to Fortune 1000 clients including agency and tenant representation, asset or portfolio management, high level logistics, labor and data analytics prior to site selection, project/construction management, capital markets, owner user sales and valuation advisory services. CBRE is the global leader for real estate services worldwide.

Larry has extensive experience in landlord agency, tenant representation, acquisitions, dispositions and property management. As a third-generation commercial real estate professional and South Florida native, Larry boasts deep community ties, an intimate knowledge of the South Florida market and numerous professional contacts. Larry’s leasing expertise of industrial, office, land, retail and medical properties coupled with his experience in acquisitions and dispositions gives him the ability to represent a myriad of clients in the South Florida market. Additionally, Larry controls a portfolio of 13.5 million square feet allowing him to see every deal in the market. This ensures his clients never miss an opportunity. His knowledge of tenants and buyers in the market is top notch and when coupled with his team's vast portfolio, it's a winning combination.

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Larry Genet
Senior Vice President

Larry W. Genet is a Senior Vice President in the CBRE, Inc. Miami, FL office. He is a consistent Top 10 producer locally and Top 10% in the Americas Industrial & Listings business line. Co-leading the top multimarket institutional level landlord team, Larry has closed some of the most significant deals in our market selling land, portfolios, one-off buildings and completing critical leases. Clients count on Larry to put their Marketing Action Plans into motion and execute by being a proactive force to fill vaccines and get buildings sold quickly and for top dollar. He and Tom O’Loughlin oversee the largest landlord portfolio in the South Florida market.   

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Tom O’Loughlin has earned a reputation of being one of the top performing brokers in South Florida. As a trusted advisor, Tom has fostered relationships with our market’s top brokers making sure they deliver quality tenants to his client’s buildings. Tom is exceptional at understanding client’s needs, the obstacles they wish to overcome and creating a clear plan to succeed in surpassing all goals. A relative encyclopedia of market knowledge, building owners and businesses, not many brokers know our market better. Tom’s goal is to foster his client relationships and become their trusted advisors while delivering superior results regardless of the size or complexity of the transaction.

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