Hernandez Real Estate & PTM Partners Acquires 8.13-Acre Development Site In West Palm Beach For $11.5M

The development site located at 8530 Belvedere Road in West Palm Beach was sold for $11,500,000. The asset occupies 8.13 acres and has a buildable square footage of 95,556, with a price per buildable square foot of $120. The total area is 354,000 square feet, resulting in a price per square foot of $32. The site has previously been approved for retail, gas station, and daycare uses, and is now being repositioned for industrial warehouse development.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $11,500,000
• Buyer: Hernandez Real Estate & PTM Partners
• Seller: Ray Hix & Haymes Snedeker
• Buyer's Representative: Moushumi Chinni Ganguli - CityLights RE, Inc
• Buildable Square Feet: 95,556
• Price Per Buildable Square Foot: $120
• Total Square Feet: 354,000
• Price Per Square Foot: $32

Moushumi Chinni Ganguli from CityLights RE, Inc represented the buyer in this transaction. The sale indicates a strategic shift in the asset's intended use, as the new focus is on developing a 93,556-square-foot industrial warehouse, catering to the increasing demand for logistics and warehouse spaces in the region, where industrial vacancy rates remain low even with rising supply.