Vacant Jupiter land near I-95 fetches $11 million

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

Jul.July 02, 2016 03:00 PM

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.

Related Articles

Placeholder image

Former MLB All-Star Matt Holliday sells Jupiter estate for $9M

Tortoise Family Office CEO Jake Geleerd, Pebb Enterprises President and CEO Ian Weiner, and Jupiter Innovation Center

Pebb and Tortoise Properties buy Jupiter Innovation Center for $32M

Harbourside Place in Jupiter

More EB-5 investors allege fraud at Jupiter development

Illustrated Properties acquires Jupiter Hills Village Realty

Illustrated Properties acquires Jupiter Hills Village Realty

Dan A. Colussy and 161 Bears Club Drive

Former Pan Am exec sells home in Bear’s Club for $10M

Placeholder image

Philly media mogul’s son sells waterfront Jupiter property

Toll Brothers CEO Douglas C. Yearley, Jr. and Jupiter Country Club

Toll Brothers putts Jupiter golf course over to ClubCorp for $8M

Daily Digest Miami

Related sells Tampa apartments for record $132M, Miami apartment tower evacuated after fire: Daily digest