Woodmont Industrial Partners (Woodmont) and Butters Construction & Development (Butters) today announced the start of construction at 15791 Corporate Circle in Jupiter, Florida. Located within the Palm Beach Park of Commerce, the 16-acre site will feature a 250,000-square-foot warehouse logistics facility, which is expected to reach completion in the second quarter of 2023.
“We’re thrilled to announce our latest endeavor in South Florida, which marks our fifth project with our valued Woodmont partner, and local company Butters Construction & Development,” said Lewis Zlotnick, President of Woodmont Properties. “This market continues to strengthen, and Palm Beach County is proving to be one of the most desirable submarkets in the country with strong demand and record-low vacancy rates. Development of new, high-quality, Class A industrial space remains highly sought after. We are extremely excited to commence construction and continue our expansion in the region.”
“We appreciate the company’s investment in Palm Beach County. Woodmont has a record of partnering with other municipalities and we look forward to this collaboration having a positive impact in our community,” added Palm Beach County Commissioner, Maria G. Marino.
The property will feature 36’ clear height with 48 dock doors, 2 drive-in doors, and ample automobile parking spaces. Spanning 1,300 acres, the master-planned Palm Beach Park of Commerce is located in Palm Beach County and is a premier business location that offers rail service, foreign trade zones, heavy industrial options, and convenient access to Interstate 95, Bee Line Highway, and the Port of Palm Beach. Woodmont and Butters acquired the land in December 2021. Cushman & Wakefield’s Christopher Thomson will serve as the exclusive leasing broker for the property.
“We’re excited to continue supplying much needed inventory in a submarket starving for new Class A Industrial product,” said Adam Vaisman, Director of Acquisitions of Butters. “As we continue to refine our strategies, it has become clear that strategic partnerships such as Woodmont, allow us to collaborate and continue to thrive in an ever changing submarket and environment”.
Over the past year, Woodmont has executed several key acquisitions in the most active industrial growth markets in the country, adding approximately 6 million square feet to its portfolio. The Corporate Circle acquisition follows Woodmont’s purchase of 115 acres of land entitled for industrial development in the Palm Beach Park of Commerce in late 2021, in partnership with PCCP and Butters, as well as a fully pre-leased, 212,000-square-foot, newly constructed, Class A warehouse building in May 2022. Woodmont Properties President, Lewis Zlotnick, will dedicate significant time in Florida, as the Woodmont team remains incredibly active in the South Florida market. Woodmont and Butters currently have eight additional parcels in the Palm Beach Park of Commerce slated for development in the next 24 months, totaling over 1.6 million square feet. Woodmont’s activity in Northeastern states such as New Jersey, New York, and Pennsylvania, remains steadfast, as well, and the team has a total of over 10 million square feet in its active pipeline for development and/or renovation across markets.