Billionaire developer Jeff Greene sold his just-completed industrial complex in West Palm Beach for $60.6 million, marking another big-ticket warehouse deal amid a hot market.
Dallas-based Dalfen Industrial bought the buildings at 1501 Meathe Drive, or roughly the southwest corner of Florida’s Turnpike and Jog Road, records show. Dalfen took out a $54.7 million loan from Morgan Hills Group.
The two-building property spans 30 acres and includes a 124,479-square-foot building and a 192,908-square-foot building, according to CBRE, which is leasing the property.
Robert Smith of CBRE represented Dalfen. John Huguenard and Sky Groden of JLL represented Greene.
The property received a certificate of occupancy just recently, and is mostly a shell, with interior buildout still needed, according to Smith. Dalfen is in talks with local and out-of-state prospective tenants, including medical supply companies as well as plumbing and air conditioning companies, Smith said.
Led by Murray Dalfen, Dalfen is an industrial real estate investor with a focus on last-mile distribution centers for e-commerce.
This is not its first South Florida investment. Last year it bought a Riviera Beach warehouse for $18.35 million, and a West Palm Beach industrial facility for $25.3 million.
Greene, a former gubernatorial candidate, is developing the twin-tower One West Palm mixed-use tower in downtown West Palm Beach at 550 North Quadrille Boulevard. It is planned to include apartments, office space and a hotel.
Forbes lists Greene’s net worth at $5.1 billion.
In 2020, he bought a Boynton Beach hotel at 1601 North Congress Avenue for $19 million.
Industrial real estate is the only asset class to thrive over the past year. Supply is struggling to keep up with demand as South Florida is land-constrained, pushing up sale prices and rental rates. In the second quarter, Palm Beach County base industrial rents increased 12.8 percent, year over year, according to a report from Avison Young.