The Real Deal Miami

Warehouse in Palm Beach County sells for $16M

Exeter Property Group plans more acquisitions in Palm Beach County

January 06, 2015 01:30PM

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700 103rd Avenue North and Exeter Property Group principal Ralph Kittrell

700 103rd Avenue North and Exeter Property Group principal Ralph Kittrell

As further evidence that Palm Beach County’s commercial real estate market is heating up, the Millwork Sales warehouse in Royal Palm Beach has sold for $16.15 million.

The buyer was Exeter Property Group of Plymouth Meeting, Pennsylvania. The seller was Southern Mills Business Park of Atlanta.

The 152,000-square-foot warehouse at 700 103rd Avenue North is one of several deals in Exeter Property Group’s pipeline, principal Ralph Kittrell told The Real Deal.

“We’re a private equity firm and we buy buildings all over the country,”  he said, adding that more acquisitions in South Florida were in the works.

Warehouse deals have been heating up in Palm Beach County. A company that builds FedEx distribution centers just paid $10.75 million for land along Florida’s Turnpike west of West Palm Beach. And a California pension fund recently sold the Palm Beach Park of Commerce land west of Jupiter for a huge loss, according to the Palm Beach Post. [Palm Beach Post] — Ina Cordle

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