Kolter Buys Paving Company’s HQ in Delray Beach for $22M
By Julia Echikson July 26, 2024 11:49 am
reprints
Kolter Group purchased the headquarters of an asphalt contractor in Delray Beach, Fla., for $21.8 million, property records show.
The 11.7-acre site — at 2101 S Congress Avenue, just west of Interstate 95 — houses six industrial buildings that together total 37,304 square feet.
Hardrives, the paving company, has owned the property, which was built in 1969, since at least 1987. The company, founded by George T. Elmore, provided an $18 million acquisition loan to Kolter, a prominent developer based in Delray Beach.
A representative for Kolter declined to comment on the purchase. While the site is zoned for industrial use, the developer will likely build a multifamily complex, given its specialty in residential real estate.
Across the street, 13th Floor Investments, in partnership with Key International, CDS International Holdings and Wexford Capital, is building the Parks At Delray. The 25-acre development is set to feature 747 apartments.
Earlier this year, Kolter purchased a 149-acre site for $74 million at the Avenir master development, where it will build single-family homes. It also bought a collection of low-rise residential and commercial buildings for $34 million near the Miami Design District, which it will likely turn into housing.
A representative for Hardrives did not immediately respond to a request for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
