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BBX, PCCP Join Forces on 672K SF Delray Beach Industrial Build
BBX Logistics Properties and PCCP have formed a joint venture to build a three-building industrial complex on a 40-acre parcel in Delray Beach. The group paid $25 million for the property. The site is adjacent to U.S. Route 441, in an agricultural reserve at the western edge of Delray Beach.
The joint venture plans to construct a three-building complex spanning 672,533 square feet, called BBX Park at Delray. While each warehouse will span about 200,000 square feet, the development plans will accommodate tenants seeking as little as 50,000 square feet.
The joint venture currently expects to obtain debt financing and commence site development and construction of the initial phase of the project in the first quarter of 2024.
In connection with the formation of the joint venture with PCCP, BBX Capital Real Estate contributed $2.9 million to the venture with PCCP and currently expects to contribute an additional $2.5 million to the venture based on its expected share of the estimated total development costs.
- ◦Sale/Acquisition
- ◦Development
