Atlanta-based TPA Group broke ground for a 220,000-square-foot warehouse at an industrial park in Palm Beach County after landing an $11.5 million loan to finance construction.
Texas Capital Bank provided the construction loan to an affiliate of TPA Group, NHT Palm Beach LLC.
Jacksonville-based general contractor Conlan Co. recently notified Palm Beach County that it started building the warehouse.
The 18-acre site of the warehouse project is within the 1,000-acre Palm Beach Park of Commerce, located west of Palm Beach Gardens.
It is a speculative development, according to Christopher Thomson of brokerage firm Cushman & Wakefield, the leasing agent for the warehouse.
Thomson told the South Florida Business Journal that TPA Group plans to rent the warehouse for $6.95 per square foot, and construction is expected to conclude by June 2019.
Existing tenants at the Palm Beach Park of Commerce include CSX, McLane and Walgreens.