Tribune parent’s real estate arm expands West Palm Beach industrial portfolio

Twenty Lake Holdings, a subsidiary of Tribune Publishing owner Alden Global Capital, is expanding its industrial portfolio in West Palm Beach. 

An affiliate of Stamford, Connecticut-based Twenty Lake purchased five warehouses spanning 57,282 square feet at 601 Roseland Drive, records and real estate database Vizzda show. 

The deal breaks down to $262 per square foot.

The seller, an entity managed by James Morris in West Palm Beach, paid $1 million for the 2.7-acre property in 1986, records show. The first building was completed in 1925, and the four remaining warehouses were built between 1981 and 1987. 

Twenty Lake, led by CEO Joe Miller, also bought another warehouse complex in West Palm Beach for $11 million in July, records show. The firm invests in industrial, residential and office properties across the U.S., and has 10 million square feet under management, Twenty Lake’s website states. 

In 2021, Twenty Lake’s parent, Alden Global Capital, paid $635 million for Tribune Publishing, which owns South Florida Sun-Sentinel, Tampa Bay Times and Chicago Tribune. The same year, Twenty Lake acquired 27 acres in Tampa that was home to the Tampa Bay Times’ printing press for $21 million. 

In other recent industrial deals in Palm Beach County, Armata Holdings dropped $19.5 million for a West Palm Beach warehouse portfolio last month. Charlotte, North Carolina-based Asana Partners sold the seven one-story facilities to Palm Beach-based Armata Holdings. The 3.4-acre site is known as the Warehouse District. 

In June, LBA Logistics paid $55 million for Park Logistics Center in Riviera Beach. Dallas-based Dalfen Industrial sold the 236,554-square-foot warehouse to Irvine, California-based LBA. 

Palm Beach County’s industrial market hasn’t changed much, year-over-year. In the second quarter, the vacancy rate inched up to 3.9 percent, compared to 3.7 percent during the same period of last year, a JLL report shows. Palm Beach County’s median asking rent rose slightly to $14.70 a square foot during the second quarter, compared to $14.07 a square foot during the same period of last year.