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South Florida

Developer gets $27M loan to build FedEx distribution center

460 Pike Road in West Palm Beach
460 Pike Road in West Palm Beach

SunCap Properties Group received a $27.1 million loan to build a distribution center that will likely house a FedEx next to West Palm Beach.

The loan was granted by Regions Bank to a SunCap affiliate, according to a published report.

The company purchased the 25.6-acre property at 460 Pike Road from Billionaire Jeff Greene in late 2014. He sold the property for $10.75 million a year after he purchased it for $5.35 million, Palm Beach County records show.

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SunCap has not filed a notice of commencement for construction yet.

Palm Beach County approved up to $1.68 million in incentives for FedEx to inhabit a 386,000-square-foot distribution center in 2013, according to the South Florida Business Journal.

SunCap built FedEx distribution centers in Miami and Pompano Beach. [South Florida Business Journal] — Sean Stewart-Muniz