The Real Deal Miami

FPL buys 80 acres in Palm Beach Gardens

April 21, 2011 01:32PM

Florida Power & Light has signed a contract to buy the last large vacant land parcel in the eastern portion of Palm Beach Gardens. The 80-acre plot, which sits on the northern side of PGA Boulevard between Interstate 95 and Alternate A1A, follows FPL’s acquisition of a 200,000-square-foot building in Jupiter in December. The Palm Beach Gardens land had belonged to builder Daniel Catulfumo but was later foreclosed upon by the lender. FPL wouldn’t’ disclose what it paid for the parcel, which is zoned for 882,000 square feet of office, light industrial and retail space, but to say that it was a “very good price.” (Industry sources estimate that it is worth around $25 million). FPL has “no immediate specific plans,” but gives the company more “expansion option close to [its] headquarters,” a spokesperson said. Neil Merin, a commercial broker who has worked with FPL in the past, suggested that it will consolidate statewide offices at its new property. [Palm Beach Post]