Updated May 8, 2026
Alex Hernandez Of Hernandez Construction Purchases 8.13-Acre Development Site In West Palm Beach For $11.5M
8530 Belvedere Road
$11,500,000
Building Size
—
Asset Type
Development Site
Closing
May 5, 2026
About this deal
AI
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.
On the Map
$11,500,000
Development Site
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Market Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.38%
Cash-on-Cash
-0.39%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93