Dalfen Industrial has acquired Turnpike Logistics Center, a 317,499-square-foot industrial property in West Palm Beach, Fla., for $60.6 million. JLL Capital Markets worked on behalf of the seller, Jeff Greene, who also developed the property.
CommercialEdge data shows that Jeff Greene acquired the 29-acre site in 2015 through 2104 Cahuenga Partners LP. The billionaire paid $7.1 million to Duke Realty for the site.
Formerly dubbed Greene Space Industrial, the 2020-built distribution center encompasses two buildings: a 124,479-square-foot facility at 1673 Meathe Drive and a 193,000-square-foot facility at 1715 Meathe Drive. The property offers 32-foot clear heights, 94 dock-high doors, two drive-in doors, deep column spacing, as well as fire suppression systems.
The distribution center has immediate access to Florida’s Turnpike connecting to PortMiami, some 70 miles south. Palm Beach International Airport is 6 miles to the east, while the Port of Palm Beach is 11 miles to the northeast.
The JLL team that worked on the transaction included Senior Managing Director John Huguenard, Managing Director Luis Castillo and Associate Cody Brais, as well as Executive Managing Director Sky Groden with JLL’s Industrial Brokerage division.
Dalfen Industrial acquired Turnpike Logistics Center for approximately $191 per square foot, considerably above the national average of $108 per square foot. In July, the Dallas-based company paid $115 million for a 711,855-square-foot logistics center in Frederickson, Wash., a suburb of Tacoma. The sellers were Panattoni Development Co. and Crow Holdings.