Supply Chain Company Spends $11M on Land for New Palm Beach FacilityJuly 1st, 2015
McLane Co., a supply chain services company, paid $10.98 million for the site of its future facility in western Palm Beach County and could create hundreds of jobs there.
YTG Palm Beach IL WR, an affiliate of Atlanta-based TPA Group, sold the 72-acre site along North Corporate Road in the First Park South Florida west of Jupiter to Temple, Texas-based McLane Co. It’s just off the Bee Line Highway.
According to the deed, the property is approved for the development of up to 631,000 square feet in a site plan crafted by Urban Design Kilday Studios. The site plan memo on the deed is called “Project Ospey.”
In November, the Palm Beach County Commission approved its part of a $1.68 million job-growth incentive package to a confidential company called “Project Osprey.” It proposed the creation of 440 new jobs with an average wage of $48,813 after the construction of a 386,000-square-foot regional distribution center. It would be a $93 million investment.
McLane Co. officials couldn’t be reached for comment. The company is a $46 billion supply chain services provider that focuses on grocery stores, food service businesses and alcoholic beverages. It has over 80 distribution centers nationwide. It’s a subsidiary of Berkshire Hathaway (NYSE: BRK).
Several affiliates of TPA Group paid $29.85 million in December for the 537-acre First Park South Florida. That was a huge discount from the $162 million the property traded for in 2007.
TPA got a nice return on part of the property. It paid $55,587 per acre for the entire site and just sold that 72-acre piece for $152,500 per acre.
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