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

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.