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South Florida

Palm Beach Industrial land trades for $11M

An aerial shot of the land from marketing materials from commercial brokerage CBRE
An aerial shot of the land from marketing materials from commercial brokerage CBRE

Just six months after the Atlanta-based developer TPA Group picked up a massive tract of land in unincorporated Palm Beach County, the company has sold a 72-acre chunk of it for $11 million.

McLane, a supply chain services provider, purchased the property from TPA in a deed filed earlier this week.

The deed states that the site is approved for development of up to 631,000 square feet, and the South Florida Business Journal reports that the site could be connected to a $1.68 million incentives deal to spur job growth. Those jobs would come after the construction of a regional distribution center, the publication reports.

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The TPA Group, which builds business parks and other industrial structures, purchased 537 acres of undeveloped property for roughly $30 million in December. The previous ownership — a joint venture between the California State Teachers Retirement System and developer First Industrial Property — took a $132 million loss on the property, according to Palm Beach County property records.

The joint venture had plans to build the “First Park South Florida” business park with more than 6 million square feet of industrial space.

A spokesperson for TPA declined to comment.

Correction 06/26/2015: a previous version of this article incorrectly stated that TPA had sold a 153-acre piece of the 537-acre First Park South Florida. In fact, only 72 acres were sold.