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South Florida

Investor takes out $17M loan on Palm Beach business park

Southern Mills Business Park
Southern Mills Business Park

A Pennsylvania-based real estate investment firm obtained a $17.3 million loan for its Royal Palm Beach distribution warehouse, according to Palm Beach County records.

Bank of America granted Exeter 700 103rd LLC, an affiliate of Exeter Property Group, the mortgage for the 152,387-square-foot Southern Mills Business Park at 700 103rd Avenue. Exeter paid $16.15 million for the property in December, according to property records. 

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The building, divided into a 139,298-square-foot distribution warehouse, a smaller 2,694-square-foot warehouse, a 1,050-square-foot office and a 9,345-square-foot office, was built in 2008.

The investment firm has more South Florida purchases in the works, principal Ralph Kittrell told The Real Deal in January.

Exeter is based in Plymouth Meeting, Pennsylvania, and specializes in the acquisition, development, leasing, and management of industrial and related business park properties across the United States and Europe, according to its website.

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