Home Depot buys former Sam’s Club site near Lake Worth Beach for $26M

135K sf building traded earlier this year for $17M

Home Depot CEO Craig Menear with the property (Home Depot, LoopNet)
Home Depot CEO Craig Menear with the property (Home Depot, LoopNet)

Home Depot bought the former site of a Sam’s Club store near Lake Worth Beach for $26 million.

Records show the home improvement and building materials retailer bought the building at 7233 Seacrest Boulevard from an affiliate of Alliance HP, which has offices in Fort Lauderdale and Bryn Mawr, Pennsylvania.

The 135,268-square-foot building, constructed in 1989, is on 14.8 acres in unincorporated Palm Beach County, property records show.

Alliance’s affiliate bought it in February for $17 million. The property includes 800 parking spots.

Alliance, founded and led by managing partner Clay Hamlin III and operating managing partner Richard Previdi, buys, repositions, develops, leases and manages commercial real estate, according to its website.

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Atlanta-based Home Depot is led by chair and CEO Craig Menear, according to its website.

The deal comes as the South Florida retail market is slowly emerging from the coronavirus pandemic.

Although the Palm Beach County retail vacancy rate remained unchanged at 5.2 percent in the second quarter compared to the previous four quarters, the county boasted 120,000 square feet of net absorption, the highest since 2019, according to Colliers.

In another big box retail deal in Palm Beach County this year, Raanan Katz’s RK Centers scooped up a Best Buy West Palm Beach for $12 million in May.