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, Florida. The group purchased the property for $25 million. Located adjacent to U.S. Route 441 in an agricultural reserve at the western edge of Delray Beach, BBX Park at Delray will span 672,533 square feet with each warehouse measuring approximately 200,000 square feet; however tenants seeking as little as 50,000 square feet can also be accommodated by the development plans.
The joint venture is expected to obtain debt financing and commence site development and construction of the initial phase of this project during Q1 2024 with BBX Capital Real Estate contributing $2.9 million initially followed by an additional estimated contribution amounting to $2.5 million based on its share of total development costs .
