PTM Partners and Hernandez Development & Construction acquire 8.13-acre site in West Palm Beach for $11.5 million industrial development

West Palm Beach, FL PTM Partners, a Florida-based real estate investment and development firm, and Hernandez Development & Construction, a vertically integrated, Florida-based real estate platform, have acquired an 8.13-acre development site at 8530 Belvedere Rd. for $11.5 million. The site will be developed as Palm Beach Commerce Center, a 93,556 s/f Class A industrial facility with 32-ft. clear heights, 22 dock doors and more than 180 ft. of building depth.

Previously approved for retail, gas station, and daycare uses, the site is being repositioned to address the continued demand for logistics and distribution space in Palm Beach County, where industrial vacancy remains among the lowest in South Florida despite rising supply.

“Demand for well-located industrial assets continues to outpace supply across South Florida, making this an attractive opportunity for our team,” said Michael Tillman, CEO and co-founder of PTM Partners. “We’re excited to partner with Hernandez Development & Construction on a site that aligns with our investment strategy and our long-term conviction in the West Palm Beach market.”

“West Palm Beach has real demand from local and regional businesses that are growing and need space that works for them. Palm Beach Commerce Center gives them that - right-sized suites, a strategic, high-visibility location, and a building designed for how local and regional operators in this market actually operate,” said Alex Hernandez, CEO, Hernandez Development & Construction.

Hernandez Development & Construction will serve as developer and general contractor on the project. Palm Beach Commerce Center is designed for multi-tenant occupancy with suites available from 11,700 s/f, offering flexibility for a range of logistics, distribution, and light industrial users.

Moushumi Chinni Ganguli of CityLights RE, Inc. represented the buyer in the transaction.