An 8.13-acre development site located at 8530 Belvedere Road in West Palm Beach, FL, was sold for $11.5 million. The asset, which was previously approved for retail, gas station, and daycare uses, is being repositioned for a 93,556-square-foot industrial warehouse. This sale reflects the shift in demand toward logistics and warehouse applications in the area, where industrial vacancy rates remain tight despite an increase in supply.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $11,500,000
• Address: 8530 Belvedere Road
• Market: West Palm Beach, FL
• Acres: 8.13
• Price per Acre: $1,414,514
• Buyer: Alex Hernandez - Hernandez Construction & Construction
• Seller: Haymes Snedeker & Ray Hix - HSC West Palm Beach LLC

The deal involved Alex Hernandez, who represents Hernandez Construction & Construction, acquiring the property from Haymes Snedeker and Ray Hix, representing HSC West Palm Beach LLC. The transaction marks a strategic pivot in the utilization of the land toward industrial purposes, aligning with current market demands in the region.