BBX Logistics, PCCP Break Ground on Miami-Area Industrial Park
BBX Logistics Properties and joint venture partner PCCP LLC have broken ground on The Park at Delray, a 40-acre campus in Delray Beach, Fla. Phase one of the project includes the development of a 200,000-square-foot building.
The Park at Delray is taking shape north of Atlantic Avenue on U.S. 441 in western Palm Beach County. Upon completion, it will feature three buildings totaling more than 670,000 square feet.
Mark Levy, president of BBX Logistics Properties, told Commercial Property Executive that The Park at Delray is position to succeed due several key factors including its high barrier to entry location, strong residential growth within a 10-mile radius and placement in a fast growing market.
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“The scarcity of available properties in this desirable area increases the attractiveness of The Park at Delray,” Levy said. “Potential buyers and investors recognize the limited opportunities to secure such prime real estate.”
Levy noted that Phase One is anticipated to deliver in mid-2025. Groundbreaking on the second phase of the development is expected early next year.
The Park at Delray, up close
BBX Logistics and PCCP partnered for the development of this project in September and City National Bank provided a $31.3 million construction loan. CommercialEdge data shows that Building 2 and 3 are anticipated to have some 196,500 square feet each.
The developers intend to also incorporate sustainability components into the industrial park, including solar-ready roofing, indoor air quality enhancements, exterior lighting control systems and EV charging stations.
Phase One will accommodate tenants as small as 50,000 square feet upon delivery and the project’s subsequent phases were also planned to have flexible tenant configurations to accommodate smaller users.
“South Florida is one of the fastest-growing markets in the country, characterized by a booming economy, increasing population and a vibrant real estate market,” Levy said. “The Park at Delray stands to benefit from this dynamic environment, attracting businesses, residents and investors looking to capitalize on the region’s growth.”
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