The Real Deal Miami

Vacant Jupiter land near I-95 fetches $11 million

Jupiter-based FLF Holdings and an Illinois partner plan to develop a business park there

July 02, 2016 03:00PM

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The 58-acre tract in Jupiter that an arm of FLF Management bought

The 58.5-acre tract in Jupiter that an arm of FLF Management bought

A Jupiter-based developer and a partner paid $11 million for 58.5 vacant acres in Jupiter just east of Interstate 95.

The buyer is an arm of FLF Management, a partnership of Jupiter-based FLF Holdings, headed by Josh Simon, and Schaumburg, Illinois-based Crossroads Development Partners.

“We plan to develop a first class business park that will attract the many engineering, aerospace, and life science companies that are proliferating in the market,” Michael Nortman, who leads Crossroads Development, said in a statement.

An affiliate of DDR Corp. (NYSE: DDR) in Beachwood, Ohio, sold the vacant land to FLF for about $190,000 per acre.

In northern Palm Beach County, the 58.5-acre property is among the largest vacant tracts east of I-95. The land fronts Indiantown Road and both sides of Island Way.

The Palm Beach Post reported that FLF has been a buyer in Jupiter before: In March 2013, the company paid $5.1 million for about three acres of vacant land and about 90,000 square feet of commercial property in Jupiter’s Abacoa development.