Real Estate

Crosstown Parkway Sale

Crosstown Parkway Sale

NAI Southcoast has announced the sale of a 1.84-acre commercial site in the highly desirable Tradition area in St. Lucie County.

The fastest growing town on the Treasure Coast, Tradition is a family-oriented community that also boasts a robust and active senior population.

With an approved site plan for 13,725 square feet of retail and restaurant space, the parcel benefits from location on a major east/west thoroughfare one mile easy of I95. It is also located in near proximity to the upscale PGA Verano community.

The Seller and buyer were represented by NAI Southcoast. The property had a short marketing period with multiple offers, ultimately the sellers decision came down to timing and terms of the final offer.

“Despite rising interest rates, demand for well-positioned properties in the heart of continued population growth remains strong. The transaction closed in line with original pricing guidance, a tribute to strong tenant demand for the proposed space. Our team was able to secure letters of interest to lease space during the buyers’ short due diligence and closing time,” said Nikolaus M. Schroth, Principal of NAI Southcoast.

 

Treasure Coast Business is a news service and magazine published in print, via e-newsletter and online at tcbusiness.com by Indian River Media Group. For more information or to report news email [email protected]

 

 

Dec. 23, 2022|

Modern-day land rush

Modern-day land rush

Food service distributor Cheney Brothers

High demand has led to record prices for land on which to build huge warehouses and distribution centers in the Treasure Coast. At Legacy Park in Port St. Lucie, more than 5 million square feet are developed, or soon will be, eventually employing more than 3,000. Food service distributor Cheney Brothers held a groundbreaking in April for its distribution center and food-service warehouse. CITY OF PORT ST. LUCIE

Region experiencing a boom in industrial land development

BY BERNIE WOODALL

There is a land rush like no one has ever seen for large plots ripe for industrial development on the Treasure Coast.

Jeff Chamberlin is one of the most active real estate professionals who deal in the large parcels in high demand mostly west of the heavily populated areas.

Chamberlin thinks of the 1920s political pitch promising a “chicken in every pot” as a sign of prosperity when he thinks of this industrial boom.

“Here on the Treasure Coast, we’re going to get a million-square-foot warehouse at every I-95 interchange,” Chamberlin, president of SLC Commercial, said.

Chamberlin’s firm brokered the land sale for the Amazon distribution warehouse, which Amazon calls a fulfillment center, on 110 acres at Midway Business Park on West Midway Road near Interstate 95. 

Midway and I-95 is just one of the areas being developed for industrial sites. Others include the Kings Highway corridor near the Orange Avenue [State Road 68] interchange with I-95 and Legacy Park at Tradition in Port St. Lucie at Becker Road and I-95.

There is also a booming area for industry between the Treasure Coast International Airport and Kings Highway, where 37 acres recently sold for $5.2 million in a deal brokered by Coldwell Banker Commercial Paradise.

SLOW START IN THE ’80S

One of the major companies at Legacy Park is FedEx

One of the major companies at Legacy Park is FedEx. The company’s distribution center is shown under construction in October 2021. Amazon is at Legacy, too. Legacy Park developer Sansone Group said it is a two-hour drive from 8 million people and a four-hour drive from 20 million people. CITY OF PORT ST. LUCIE

Lifelong St. Lucie County resident Hoyt C. Murphy Jr., a Realtor with the firm, said the promise of an industrial land boom is not new. It’s been around since the late 1980s when I-95 was completed from Miami to the Georgia state line. The completion of the interstate along with the confluence of it and Florida’s Turnpike in Fort Pierce made the area logistically alluring to industrial developers.

When his firm did the site sale for the Walmart Distribution Center on Jenkins Road in Fort Pierce nearly two decades ago, Murphy said he figured that a wave of similar sales was in the offing, but that didn’t happen.

“Then, in the past three years, it’s gone crazy,” Murphy said. “… well over 10 million square feet of industrial facilities are under construction or in the permitting process” in St. Lucie County.

The $5.2-million sale Murphy’s firm brokered was at an average of $140,000 an acre. Five years ago, a generous estimate of the value would have been $40,000 per acre, Murphy said.

Chamberlin says land values for large parcels good for industrial development are $150,000 to $200,000 per acre, up from $90,000 and less several years ago.

It’s the location, land price and the access to major highways that lures big companies from Amazon to FedEx to build in the region.

“You can reach 65% of the population in Florida within two to three hours” of St. Lucie County, said Pete Tesch, president of the St. Lucie Economic Development Center, which has been instrumental in the process of developing the large land parcels.

Tesch said the county and the Treasure Coast benefits by the growth of the overall Florida economy, which he says would be the 15th or 16th largest in the world if it were its own country.

industrial real estate developers, map

A half-dozen industrial real estate developers, all with multistate footprints, are working on seven St. Lucie County sites. Higher prices and fewer large parcels south of the Treasure Coast has pushed developers to Indian River, Martin and St. Lucie counties. ST. LUCIE ECONOMIC DEVELOPMENT COUNCIL

DELIVERING THE GOODS

There are precious few large parcels of land still open to industrial development in the more populated counties south of the Treasure Coast: Miami-Dade, Broward and Palm Beach. Those are also the three most heavily populated counties in the state to make up its largest consumer market.

When there are such parcels in the largest counties south of the Treasure Coast, the prices are much higher, said Chris Dzadovsky, St. Lucie County commissioner.

As the consumer market shifts to delivery-to-home purchases, there is more demand for massive warehouses and distribution centers, Chamberlin said.

 “This is all new territory for us,” Chamberlin said. “It’s the advent of distribution being the new retail. Delivery to your home.”

W. Lee Dobbins, a land-use attorney in St. Lucie County, said that rather than put a distribution warehouse in South Florida or Central Florida, it makes sense to locate on the Treasure Coast in order to serve both of those big markets. 

When city and county and economic development officials work to land large industrial facilities, they use code words to help identify them but keep their details secret until sales are closed.

Elijah Wooten Jr., business navigator for Port St. Lucie, said a Project Green and a Project Apron both call for 1-million-square-foot buildings north of the under-construction Amazon 1.1-million-square-foot distribution center in the Midway Business Center.

RIPE FOR DEVELOPMENT

Industrial land development is progressing on a smaller scale but is active in Indian River and Martin counties.

Phil Matson, community development director for Indian River County, said that there are about 9,000 acres of land for potential development in Fellsmere west of I-95 and north of State Road 60. And there is a 99-acre parcel ripe for development on Oslo Road and I-95 that was the former site of a state youthful offender prison.

There is major potential for industrial development on Oslo Road, in the southern part of the county, particularly once a new interchange at Oslo and I-95 opens in three years, Matson said. There is also a plan to improve Oslo Road from 58th Avenue to west of the interstate.

In northern Indian River County, an existing industrial park that is home to Triton Submarines has parcels available for development, Matson said.

In Fellsmere, there are several large land owners that have flirted with sales of large tracts, and some projects are in the planning stages, said Fellsmere City Manager Mark D. Mathes. Some of the acreage now devoted to citrus farming may become available, he said.

Land values are likely to continue to rise, and Fellsmere is located to take advantage of relatively low land prices and development expenses in an area close to growing Central Florida.

“If you want to get in, this is the time to get in. It’s about ready to take off,” Mathes said.

Chandler Bats

Not all companies coming to the Treasure Coast need huge warehouses. Chandler Bats, which makes wooden baseball bats for Aaron Judge of the New York Yankees as well as other Major League Baseball players, moved its headquarters and manufacturing plant from Pennsylvania to Port St. Lucie.
ST. LUCIE ECONOMIC DEVELOPMENT COUNCIL

JUST A MATTER OF TIME

Martin County Administrator Don Donaldson said that while there is industrial activity in the county, there are no 1-million-square-foot mega-warehouses going up or in the planning process. For now, the largest parcels are zoned for agriculture and do not allow for industrial development.

But Chamberlin says it’s a matter of time that pressure will build to create those huge buildings along I-95 in Martin County. It may take longer than in St. Lucie County, but Chamberlin says he still sees a million-square-foot warehouse at every I-95 interchange from the Palm Beach County line to Sebastian.

Frannie Hutchinson, St. Lucie County commissioner and lifelong resident of the county, said she has sought to bring smart development to the county in her 20 years as commissioner. 

She said that there was considerable interest in the county’s industrial land until the recession around 2008 quelled it for a decade or so.

“We have been discovered,” Hutchinson said. 

The type of industrial development happening will help keep taxes down for homeowners and create jobs.

“These huge buildings are going to generate a lot of taxes and they are not going to add to the traffic in town,” Chamberlin said.

However, Dzadovsky is aware of the burden that the growth might cause homeowners.

“We have tried to focus on taking the pressure off the homeowners and diversify our tax base,” he explained. “When you are too reliant on residential rooftops to pay for your infrastructure, it puts too much of a strain on homeowners.” 

 

See the original article in the print publication


Treasure Coast Business is a news service and magazine published in print, via e-newsletter and online at tcbusiness.com by Indian River Media Group. For more information or to report news email [email protected]

Oct. 12, 2022|

Scarcity of homes could cool off real estate market

High construction costs, lack of affordable land and housing could send buyers looking elsewhere
Jul. 9, 2021|

Bad economic times are a good time to revisit your business plans

TEAM members safe and healthy. We also hope this issue finds your business open and persevering through this challenging market. We continue to be inspired by resilient regional business owners who have innovated their organizations through 2020.
Feb. 22, 2021|

BALANCED MARKET GOOD FOR BUYERS AND SELLERS

The real estate market on the Treasure Coast

The real estate market on the Treasure Coast for the first quarter showed fewer sales but higher prices, and Realtors say the market is becoming more balanced. CITY OF PORT ST. LUCIE

Consumer confidence and low mortgage rates point to continued strength

BY BERNIE WOODALL

Home sales on the Treasure Coast fell in the first quarter of 2019, but rising prices and expectations that the economy will remain strong point to a robust real estate market for the rest of the year, local and state industry leaders report.

Florida Realtors showed that single-family home sales in the metro area, including Martin and St. Lucie counties, fell 6.8 percent, while median prices rose 3.3 percent. For the same period and area, condo and townhouse sales fell 11 percent and median prices for those sales rose 8.6 percent.

For Indian River County, single-family home sales fell 6 percent and median prices rose 4 percent. Condo and townhouse sales rose 7.5 percent and values rose 21.7 percent, according to Florida Realtors.
Median price is the point at which half of sales are lower and half are higher.

Jarrod Lowe, a Realtor in Jensen Beach and the president-elect of the Realtors Association of the Palm Beaches, covering Martin and St. Lucie counties as well as the much-larger Broward and Palm Beach counties, says the first-quarter decline in sales is nothing to worry about. The market has already strengthened in April and May, he said, in part because of continuing low mortgage rates and consumer confidence that the economy will stay strong.

The recovery from the recession a decade ago was slow. It took about five years for the market to return to good health, Realtors told Treasure Coast Business. If a significant economic slowdown strikes, the real estate and housing markets are likely to be quicker to recover, as the last recession was largely caused by a housing price bubble and loan crisis, which is not expected to recur.

“We have more of a competitive, balanced market, where before we were definitively in a buyers’ market for a long period of time,” Lowe says. “We are close to 10 years of sustained growth in the real estate market. We’re balancing and evening out, and it’s a healthy market which is fair for both buyers and sellers.”

REAL HEALTHY

REAL ESTATE STATS QUARTER 1 2019 VS. QUARTER 1 2018

Andrew Harper, president of the Realtor Association of Indian River County, says the average price for home sales rose 8.3 percent, well more than the median because of the outsized value of homes on the barrier islands. Beach area homes in the quarter averaged sale prices of $1.05 million. They made up 40 percent of the county’s transactional dollar volume in the first quarter while making up only 13 percent of all county sales.

In Okeechobee County, volume of sales is much less than its Treasure Coast neighbors, but it may be the hottest market among the four right now.

Cristie Schmidt, president of the Okeechobee County Board of Realtors, says, “We’ve got a real healthy market right now.” She says homes that were reaching contract in a month now often take only one or two weeks.
Buyers still come to the Treasure Coast from up north, but many are now relocating from Palm Beach, Broward and Miami-Dade counties, Realtors say, particularly to Port St. Lucie.

Realty group figures show that Martin’s market narrowly favors buyers, while Indian River and St. Lucie are still sellers’ markets, but much less so than a year ago.

A factor that may have contributed to the Treasure Coast’s drop in first quarter 2019 sales volume is that early 2018 sales may have been boosted by sales postponed from late 2017 when the area was recovering from the effects of Hurricane Irma. Also, mortgage rates rose above 4 percent in the first quarter and have since fallen below that point, according to area Realtors.

Statewide, Orlando-based Florida Realtors showed a 1.2 percent drop in home sales in the first quarter as median sale prices rose 2 percent.

Treasure Coast Business is a news service and magazine published in print, via e-newsletter and online at tcbusiness.com by Indian River Magazine Inc. For more information or to report news email [email protected]

Jul. 2, 2019|

Seminole Bluff groundbreaking signals construction start for $40 million luxury waterfront condo project

STUART – Construction for Seminole Bluff, Stuart, Florida’s limited edition, luxury waterfront residences, is officially underway with a groundbreaking on the banks of the St. Lucie River. Congressman Brian Mast (R-18th District) joined a host of other local dignitaries for the start of the $40 million-dollar project.

“Seminole Bluff is an example of why we […]

Jan. 17, 2019|

Three real estate firms merge into one

From left, the new Water Pointe Realty Group Leadership Team: Mark Eble, Debra Duvall, Stephen Osburn, David Derrenbacker, Chris Clifford and Bill Dean.

STUART — Three local real estate firms are uniting under the name Water Pointe Realty Group. The Q1 announcement comes from the six principal owners of Willoughby Realty, IRP Realty, and […]

Feb. 23, 2018|

Daniel Ochse hired as advisor

ST. LUCIE COUNTY – Coldwell Banker Paradise has announced that Daniel Ochse has officially joined the organization as a Luxury Residential, Commercial & Agricultural Real Estate Advisor.

In 1996, Ochse left a successful agricultural career in the wine and dairy industries in South Africa and moved to California to continue his career in dairy and […]

Aug. 22, 2016|

Romaine Benton Joins Vero Beach firm

VERO BEACH – Vero Beach Real Estate Company Coldwell Banker Paradise is proud to announce that Romaine Benton has joined Coldwell Banker Paradise. Benton recently moved to the South Florida area to be closer to family and soak up the sunshine. She graduated from MCU with honors. She has three children and three grandchildren. […]

May. 9, 2016|

Janelle Jackson joins South Hutchinson Island firm

SOUTH HUTCHINSON ISLAND – Coldwell Banker Paradise has announced that South Hutchinson Island Real Estate agent Janelle Jackson has joined Coldwell Banker Paradise REALTORS team serving clients at Ocean Village in the leasing department.

Janelle Jackson moved to Florida over ten years ago from New York City because she wanted a change of environment, year-round […]

Apr. 4, 2016|