WEST PALM BEACH, FL-Glenn E. Straub, a local developer, has acquired a 6.9-acre parcel of industrial-zoned land at Pike Road and Southern Boulevard for nearly $3.2 million, which translates to $460,813 an acre or $10.58 per sf. The seller is Toronto-based Rhine Development Inc.
"Straub saw the property as a long-term hold and plans to construct warehouse condos, scheduled for delivery by 2008," Robert Smith, SVP of CB Richard Ellis' Boca Raton-based industrial services group, tells GlobeSt.com. Smith represented Straub in the transaction, and no other broker was involved.
A call to a Straub representative was not returned by deadline. Smith says, "in general, the plan is for three buildings, aggregating approximately 50,000 sf. The price for the land was below market," he adds, "because this is an excellent location with direct frontage on the Florida Turnpike just north of Southern Boulevard."
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