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.






    Related Articles

    arrow_forward_ios
    TA Realty sells Palm Beach Gardens office building for $17M
    TA Realty sells Palm Beach Gardens office building for $17M
    TA Realty sells Palm Beach Gardens office building for $17M
    Wholesale club wins $4M in suit over shoddy construction at Flagler Station warehouse
    Wholesale club wins $4M in suit over shoddy construction at Flagler Station warehouse
    Wholesale club wins $4M in suit over shoddy construction at Flagler Station warehouse
    JB Capital co-principals Jessica Giguere and Ben Karp with the retail center (Atlantic Retail, JB Capital)
    JB Capital and partner pay $26M for Fresh Market-anchored Jupiter retail center
    JB Capital and partner pay $26M for Fresh Market-anchored Jupiter retail center
    Boston Bruins co-owner buys Wellington equestrian estate for $11M
    Boston Bruins co-owner buys Wellington equestrian estate for $11M
    Boston Bruins co-owner buys Wellington equestrian estate for $11M
    Nuveen Real Estate CEO Mike Sales and one of the warehouses in the Weston Business Center (LoopNet, Nuveen)
    Nuveen pays $110M for industrial buildings in Weston
    Nuveen pays $110M for industrial buildings in Weston
    Moishe Mana buys more land in Miami’s Allapattah
    Moishe Mana buys more land in Miami’s Allapattah
    Moishe Mana buys more land in Miami’s Allapattah
    AHS Residential’s Ernesto Lopes and AEW Capital Management CEO Jeff Furber (AHS, AEW, Grand Peaks)
    AEW buys multifamily near West Palm, in southern Miami-Dade from AHS for $123M
    AEW buys multifamily near West Palm, in southern Miami-Dade from AHS for $123M
    Genet Property Group President Ben Genet and the building (Genet, LinkedIn via Genet)
    Genet Property Group sells Sunrise industrial building for $5M
    Genet Property Group sells Sunrise industrial building for $5M
    arrow_forward_ios

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

    Loading...