Dalfen Inks 101 KSF Lease at West Palm Beach Industrial Facility

Dalfen Industrial has signed a 101,000-square-foot lease at its Turnpike Logistics Center in West Palm Beach, Fla., with National Millwork. The arrangement represents the largest industrial lease signed in Palm Beach County year-to-date, according to CBRE.

National Millwork will occupy a portion of Building 2 at Turnpike Logistics Center, located at 1715 Meathe Drive. The full-service door, hardware and millwork company will relocate from its current space at 1177 W. Blue Heron Blvd. this summer.  

CBRE’s Executive Vice Presidents Kirk Nelson, Robert Smith and Jeff Kelly negotiated on behalf of the landlord. The CBRE Industrial & Logistics team will handle the marketing services for Turnpike Logistics Center’s remaining 55,694 square feet of space available for lease at Building 2.

Dalfen purchased Turnpike Logistics Center, formerly known as Greene Space Industrial, back in 2021 for $60.6 million from developer Jeff Greene.

Totaling 317,499 square feet, Turnpike Logistics Center comprises two buildings on 30 acres. The 124,479-square-foot Building 1 and the 193,000-square-foot Building 2 feature 32’ clear heights, concrete tilt-wall construction, deep column spacing, 94 dock-high doors, two drive-in doors, ESFR fire sprinklers and hurricane impact glass.

Located at 1673 and 1715 Meathe Drive, the two Class A industrial buildings provide direct on-ramp access to Florida’s Turnpike. The industrial facility is also close to Interstate 95, which allows easy access to downtown Miami.  

A considerable surge in rents

Near the end of last year, Dalfen secured a full-building lease with Tellworks Logistics at its 489,440-square-foot industrial property in Reno, Nev. CBRE arranged the deal, with Executive Vice President Eric Bennett representing the owner.

A few metros have recorded a considerable surge in industrial rent growth. Miami has witnessed the third-highest year-over-year rent increase in the U.S. in January, at 11.4 percent. In-place rents reached $11.04 per square foot, according to a recent CommercialEdge report.