SunTrust Equity Funding closes on Amazon-leased site at Palm Beach Park of Commerce

It’s within the Palm Beach Park of Commerce, where tenants include Walgreens and CSX

TRD MIAMI /
Aug.August 19, 2020 06:15 PM
Jeff Bezos and the site at 14490 Corporate Road North (Google Maps)

Jeff Bezos and the site at 14490 Corporate Road North (Google Maps)

UPDATED, Aug. 20, 1:05 p.m.: SunTrust Equity Funding paid $21.8 million for land leased to Amazon, property records show.

An affiliate of TPA Group sold the 100-acre site within the Palm Beach Park of Commerce to AZ Palm Beach FL Landlord LLC, which is tied to SunTrust Equity Funding. Included in the deed is the mention of a lease with the e-commerce giant Amazon.

Amazon plans to build a 1 million-plus-square-foot fulfillment center on the site, according to a press release. It will mark the third Amazon facility in Palm Beach County.

TPA paid $4.1 million for the land at 14490 Corporate Road North in 2014.

The 945-acre Palm Beach Park of Commerce is near Jupiter in unincorporated Palm Beach County. Tenants include Walgreens, CSX and McLane.

According to marketing materials for the commercial park, lease rates start at $5.50 triple net.

An additional 220,000 square feet of speculative space under construction at the park impacted vacancy rates in Palm Beach County earlier this year.

Amazon has been busy in South Florida. The company will build a new distribution center near the Homestead Air Reserve Base in south Miami-Dade. It also recently leased 5,000 square feet at 700 Lincoln Road for a brick-and-mortar store. Nationwide, Amazon is planning to expand its offices in six major cities despite the reliance on remote work during the pandemic.

Amazon operates seven fulfillment and sortation centers in Florida, with locations in Miami, Jacksonville, Davenport, Orlando, Ruskin and Lakeland.

 

Related Articles

arrow_forward_ios
Yadier Molina & 6431 River Pointe Way (Credit: Todd Kirkland/Getty Images, and Google Maps)

Baseball player Yadier Molina sells Jupiter mansion for $8M

Baseball player Yadier Molina sells Jupiter mansion for $8M
Ina Kim-Schaad & 5280 Pennock Point Road (Credit: Google Maps)

Golfer Ina Kim-Schaad pays $6M for waterfront mansion in Jupiter

Golfer Ina Kim-Schaad pays $6M for waterfront mansion in Jupiter
Rendering of the project

Amazon’s plan for massive warehouse heats up Homestead industrial market

Amazon’s plan for massive warehouse heats up Homestead industrial market
212 Spyglass Lane & Carlos Gavidia (Realtor, Instagram/Carlos_E_Gavidia)

“Trumptilla” organizer sells waterfront Jupiter home for $6M

“Trumptilla” organizer sells waterfront Jupiter home for $6M
From top: 13185 Northwest 47th Avenue, 13050 Northwest 47th Avenue and 4700 Northwest 47th Avenue (Google Maps)

Cast away: Boatmaker sells Opa-locka warehouses for $11M

Cast away: Boatmaker sells Opa-locka warehouses for $11M
Shlomo Khoudari, Managing Partner at Elion Partners, and Stephen A. Schwarzman, CEO of the Blackstone Group, with 1800-1880 North Commerce Parkway, Weston, and 3400-3450 Park Central Boulevard, Pompano Beach (Credit: Google Maps)

Blackstone pays $46M for Broward industrial properties

Blackstone pays $46M for Broward industrial properties
13200 Southwest 272nd St. (Credit: Google Maps)

Amazon wins approval to build massive facility in south Miami-Dade

Amazon wins approval to build massive facility in south Miami-Dade
Max Scherzer and 220 Commodore Drive (Getty, Redfin)

Home run: Washington Nationals pitcher Max Scherzer buys Jupiter mansion

Home run: Washington Nationals pitcher Max Scherzer buys Jupiter mansion
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...