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WEST PALM BEACH, FL-Sacramento-based Panattoni Development Co. has acquired a 25-acre parcel on Southern Boulevard just east of the South Florida Fairgrounds for $15.8 million. The land will be the future site of an 80,000-sf, two-story Dick’s Sporting Goods store.

The sporting retailer will share the site with a 100,000-sf department store for a nationwide retailer that has not yet been named. Construction is expected to begin in the spring with completion slated for mid-2009.

“The western communities of Palm Beach County have been inundated with demand for new retail venues to keep pace with the burgeoning, affluent communities,” says NAI/Merin Hunter Codman chairman Neil Merin. “The demographics in the area are very compelling.”

The seller was locally based road building, site work, asphalt and excavation contractor Ranger Construction. Locally based NAI/Merin Hunter Codman served as the broker in the transaction.

The land is located on Southern Boulevard at Sansbury’s Way, about midway between the Florida Turnpike and Route 441, has its own traffic light. The area has seen much retail development. “You’ve had explosive growth in the western part of West Palm Beach,” NAI/Merin Hunter Codman president Jay Grossman tells GlobeSt.com “The expansion of Southern Boulevard is almost complete and there has been a lot of development in the area.”

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