1,700-Acre Industrial Site Hits The Market North Of Palm Beach County

Jun 29, 2020 No Comments by

As COVID-19 helped solidify a demand for e-commerce and warehouse space, land scarcity in South Florida is driving many real estate developers to look for industrial land north of Palm Beach County, expanding the boundaries of South Florida. In response to that trend, King Ranch/Consolidated Citrus, one of the largest landowners in the country, has retained Colliers International Florida to list a 1,700-acre parcel in Martin County for sale or a joint venture.

This is the largest tract of land available in South Florida, with an AgTEC land use seeking targeted employment uses which range from research and biotech development, electronic equipment manufacturing, medical and dental labs, medical equipment and pharmaceutical products manufacturing, distribution centers among other primary and ancillary uses allowing for entitlements of over 5 million square feet of the above uses and 1 million square feet of office, a hotel and limited retail. There is a growing demand for last-mile delivery from ecommerce to brick-and-mortar’s shift to online sales. Positioned at the northern boundary of Martin and St. Lucie Counties, the parcel is located directly off of exit 110 on I-95 and can be accessed via the 1 mile of frontage on SW Martin Highway.

 

“With the acceleration of e-commerce, sophisticated investors are looking to grab large tracts of land all over Florida near population/employment centers,” Ken Krasnow, Colliers International’s Vice Chairman of Institutional Investor Services said. “This parcel’s location and scale, on the northern edge of South Florida and with over 3 miles of frontage along I-95, will be attractive to many institutional industrial investors looking to enter or expand in the state.”

The retooling of supply chains for increased e-fulfillment will further drive demand for strategically located industrial space near high-growth population centers. The site is well located in the middle of one of the fastest growing populations, with nearly 160,000 residents and skilled workforce, and nearly 50 percent of the 25+ population being college graduates.

The lack of employers in that area gives developers an opportunity to create an employment hub and capitalize on the available workforce, many of which currently commute daily into Broward and Dade counties for work. The development of the King Ranch parcel could stop that day-to-day migration and provide the missing piece of the puzzle in an area that has seen mostly residential development so far.

 

“Martin County is considered by many to be in the next frontier of thoughtful development,” Michael Falk said. “The area has emerged in recent years as a place where businesses can grow locally and have success on a global scale with a focus on talent and innovation. The County Commission has recognized the importance of growing the economic base, and therefore, has improved the business climate by expediting permitting processes, reducing business fees and increasing access to resources.”

Martin County’s industrial market consists of 6.7 million square feet of space. Vacancy rates currently sit at 7.9 percent, up from 4.0 percent in 2015 due to the delivery of over 560,000 square feet of space over the same time period, according to research from Colliers International. At the same time, Florida continues to be one of the fastest growing states in the US, putting upward pressure on distribution centers. More than 300,000 people have moved to Florida each year since 2015 and state economists are predicting the trend to continue into 2024, Demographic Estimating Conference.

 

 

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Industrial / Flex, Industry News, NA, Palm Beach County Industrial / Flex
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