The Real Deal Miami

Developer gets $27M loan to build FedEx distribution center

Center would take up 26 acres next to Florida Turnpike in West Palm Beach
460 Pike Road

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.

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