Arden Group Acquires $43 Million Worth of Warehouses in West Palm Beach for Logistics Expansion

Arden Logistics Parks has acquired three buildings located at 1100, 1300, and 1500 North Florida Mango Road from affiliates of Alliance HP. This transaction, documented by records and the real estate database Vizzda, involved assuming the seller’s loan balance of $24.1 million, which was subsequently increased to $48 million. The lending institution for this deal is CIT Bank, a division of First-Citizens Bank & Trust Company.

These buildings, known as Landmark Commerce Centre I, II, and III, were constructed between 1984 and 1986. Together, they occupy approximately 195,500 square feet on 1.1 acres of land. According to Arden Logistics Parks, the properties are currently 98 percent leased to 40 tenants. Alliance HP, based in Bryn Mawr, Pennsylvania, acquired these assets for $34 million in 2021, as indicated by property records.

Alliance HP, established in 2009, is a prominent player in the commercial real estate sector, involved in investment, development, and operation. Their industrial portfolio comprises 45 properties spanning 8.9 million square feet. The company is affiliated with Jay Shidler’s finance and real estate firm, The Shidler Group. The leadership of Alliance HP is provided by Clay Hamlin III and Richard Previdi.

Over the past year, Alliance HP has been actively involved in transactions within Palm Beach County’s industrial real estate market. Notable transactions include the acquisition of an industrial park at 1426 Skees Road for $15.9 million and the sale of a distribution center at 1100 25th Street for $12.2 million.

Founded in 1989, Arden Group is a reputable real estate firm and fund manager with a track record of over $7 billion in property acquisitions and management of over $12 billion in commercial real estate, along with more than $2 billion in equity capital. Craig Spencer leads the company.

In 2021, Arden Group initiated Arden Logistics Parks, a venture dedicated to industrial properties. The recent purchase in West Palm Beach is the first for Arden Logistics Parks in the city. This acquisition was made through the Arden Real Estate Partners fund IV.

Last year, Arden Logistics Parks also made a significant purchase in the Dallas-Fort Worth area, acquiring a portfolio of 19 buildings spanning over 764,000 square feet.

Additionally, Arden Group recently won a foreclosure case concerning a loan provided to Sharif El-Gamal’s Margaritaville Hotel in New York, ultimately acquiring the Times Square Hotel through a credit bid.

The industrial market in Palm Beach County experienced a 12.3 percent increase in asking rents year-over-year in the third quarter, according to a report by Avison Young.

Due to high borrowing costs, investment sales across various commercial asset classes have been somewhat restrained. Noteworthy transactions include Strategic Storage Growth Trust III’s purchase of a newly built self-storage facility in Tamarac for $19.5 million, and Stockbridge Capital Group’s acquisition of a six-building warehouse portfolio in Coconut Creek for $48.9 million.

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