Industrial property

Alliance HP spends $17 million on Lake Worth industrial property

HP Alliance Founders Richard Previdi and Clay Hamlin III with 7233 Seacrest Boulevard, Lake Worth (Alliance)

UPDATE, February 26, 5:40 p.m.: Alliance bought a warehouse on nearly 16 acres of industrial land in Lake Worth for $17 million.

Alliance 7233 Seacrest LLC purchased two properties at 7233 Seacrest Boulevard and 7109 Seacrest Boulevard at 7233 Seacrest Boulevard LLC, records show. Robert W. Fessler signed in favor of the vendor.

The procuring entity is a subsidiary of Alliance HP, a commercial real estate investment firm based in Bryn Mawr, Pennsylvania.

The first plot is 14.8 acres and includes a 135,000 square foot warehouse. The second plot is one acre with parking. The deal equates to approximately $24.70 per square foot of land.

Benjamin Bruner, Chairman of Bruner Group, brokered the deal.

7233 Seacrest Boulevard LLC, the seller, bought the two plots in 2019 for $13.1 million, records show.

Alliance said in a press release that the property is expandable, with plans to add 90,000 square feet of additional warehouse space. The purchase is part of Alliance’s Warehouse Fund II, which is focused on acquiring small to mid-sized infill industrial real estate in South Florida.

This purchase marks the company’s third industrial investment in South Florida. Others include 225,000 square feet at 1601 Hill Avenue in West Palm Beach, purchased in 2019; and 77,000 square feet at the Lakeside distribution center in West Palm Beach, purchased in October, according to its website.

In 2019, Alliance purchased the One Financial Plaza office tower in Fort Lauderdale for $82 million.

The Palm Beach County industrial market has been active in recent months. In January, real estate investment firm STAG purchased three properties in Lake Worth, and Kushner Companies plans to purchase two properties near Delray Beach and one near Lake Worth. An industrial project is planned for the Delray area property and a multi-family mixed-use development for the Lake Worth site.

In December, an Atlanta-based industrial investment group purchased a warehouse in the Palm Beach Park of Commerce for $27.2 million.