Hillwood Lands Acquisition Financing for Amazon Facility in South Florida
By Julia Echikson May 22, 2024 2:02 pm
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About a month after purchasing a giant warehouse in Jupiter, Fla., leased to Amazon (AMZN), Hillwood has now secured a $70 million acquisition loan from the New York State Teachers' Retirement System, property records show.
Hillwood — the real estate firm of the late 1992 presidential candidate Ross Perot, now led by his son Ross Perot Jr. — paid $106.5 million for the 1 million-square-foot distribution center. Located at 14490 Corporate Road North, just north of the Beeline Highway, the property features 986,675 square feet of warehouse space and 13,775 of office space.
In 2020, the seller — SunTrust Equity Funding, an affiliate of Truist Financial — paid $21.8 million for 100 acres within the Palm Beach Park of Commerce, where Amazon built the fulfillment center, The Real Deal reported.
Completed a year later, the warehouse marked Amazon’s third fulfillment center in South Florida. The e-commerce giant has since added a fourth in Deerfield Beach.
The sale appears to be Hillwood’s first industrial purchase in South Florida. The Dallas-based firm owns a 714,277-square-foot warehouse in Daytona Beach, and is the master developer of AllianceFlorida at Cecil Commerce Center industrial park in Jacksonville.
A representative for Hillwood did not immediately respond to a request for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
