Billionaire Jeff Greene Sells New West Palm Beach Warehouse for $61M

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Billionaire developer Jeff Greene sold a newly built West Palm Beach, Fla., warehouse for $60.6 million, property records show. 

Located at 1673 Meathe Drive, the industrial park sits just west of the Florida Turnpike, less than a mile from an Amazon logistics center down the road. The 317,499-square-foot complex holds two buildings.

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While completed this past winter, the buildings will require an additional $10 million investment to finish the interiors, Greene told The Palm Beach Post, which first reported the sale. The developer purchased the 30-acre parcel for $7.07 million in 2015, according to records.

The buyer, Texas-based Dalfen Industrial, secured a $54.7 million loan from investment firm Square Mile Capital Management, per records. 

Dalfen specializes in the so-called “last-mile” properties, distribution centers that are near urban areas where most customers reside. Only last week, the firm paid $12 million for a 10-acre lot at 2850 Ranch House Road, just south of the Palm Beach International Airport

Once a Democratic Senate and gubernatorial candidate, Greene is known for developing condos across West Palm Beach. He’s now building One West Palm, twin 30-story structures that will house offices, apartments and a hotel. 

Julia Echikson can be reached at jechikson@commercialobserver.com.