Billionaire Jeff Greene sells West Palm Beach industrial complex for $61M

Property includes two newly completed buildings with 123K sf and 193K sf

Miami /
Sep.September 23, 2021 12:34 PM
Developer Jeff Greene and Dalfen Industrial CEO Murray Dalfen with the complex at 1501 Meathe Drive (Dalfen, CBRE)

Developer Jeff Greene and Dalfen Industrial CEO Murray Dalfen with the complex at 1501 Meathe Drive (Dalfen, CBRE)

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.





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