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Woodmont and Butters Partnership Fully Leases
75,000-Square-Foot Industrial Property in Lake Worth, Florida
Recently completed ground-up development brings
Class A industrial space to sought after Palm Beach County market
LAKE WORTH, FL (Feb. 28, 2024) – Woodmont Industrial Partners (Woodmont) and Butters Construction & Development (Butters), today announced the full lease-up of 7th Avenue Logistics, the newly completed 75,989-square-foot Class A warehouse and distribution center in Lake Worth, FL. The three tenants, Foundation Building Materials, Storm Smart and 3 Brothers of Palm Beach, took 50,283 square feet, 17,775 square feet and 7,931 square feet, respectively.
“We felt the timing was right to build a Class A warehouse that was positioned well for smaller tenants, with excellent access to I-95 in Lake Worth,” said Adam Vaisman, Director of Acquisitions of Butters. “The project was fully leased before building completion, which proved our hypothesis. This was in large part due to the excellent collaboration between our group and Woodmont, as we continue to grow our successful relationship and portfolio in the South Florida MSA.”
Located at 1939 7th Avenue, the property features 24’ clear height, 14 loading docks, two drive-in doors and ample surface parking stalls. Located in Central Palm Beach County, the site provides immediate access to I-95 and other major South Florida road arteries including the Florida Turnpike and Dixie Highway, as well as Palm Beach International Airport and the Port of Palm Beach.
Woodmont and Butters began construction of 7th Avenue Logistics in February 2023. Butters Realty & Management brokers Thomas J. Hotz and Paul Shooster were successful in fully leasing the building.
“7th Avenue Logistics’ rapid lease-up illustrates the unwavering demand for high-quality industrial space in Palm Beach County,” said Anthony Amadeo, Executive Vice President of Woodmont. “This well-located building represents Woodmont’s sixth collaboration with our valued partner Butters in the last two years, and we’re appreciative of their tremendous efforts across construction, negotiation and pre-leasing that contributed to the project’s success. With South Florida’s strong population growth, Palm Beach County consistently presents robust opportunities for new development and we look forward to advancing our strategic growth in the region.”
Woodmont has executed several key acquisitions and groundbreakings in South Florida over the past year. Most recently, the team began two additional construction starts — also in partnership with Butters — for a 300,000-square-foot Class A industrial facility at 15430 Corporate Road North in Jupiter and a project in Fort Myers that will yield 2.1 million square feet across 14 buildings delivered over the next three years. Woodmont and Butters also celebrated the completion of the Corporate Logistics Center, a 252,848-square-foot, ground-up industrial building in the Palm Beach Park of Commerce in November 2023, where the team is developing over 2 million square feet.
With Amadeo and Executive Vice President of Florida Lewis Zlotnick at the helm, Woodmont remains active in the South Florida market. The company’s activity in New Jersey, New York, Pennsylvania and Texas also remains steadfast with approximately 6 million square feet of industrial space in its active pipeline for development and/or renovation.
For more information about Woodmont, please visit www.woodmontproperties.com.
About Woodmont Industrial Partners
Woodmont Industrial Partners is a joint venture between New Jersey-based Woodmont Properties, a leading vertically integrated real estate development and management company established in 1963, and Romark Logistics, a full-service third-party logistics provider offering advanced supply chain and logistic solutions since 1954. Woodmont Industrial Partners is focused on the acquisition and development of industrial properties in select, high-barrier-to-entry and globally oriented, seaports and intermodal transportation corridors. The continuing mission is to grow a portfolio of high-quality assets through the acquisition of existing and development of new buildings in prime locations. The company has been awarded a Top Workplaces honor in each year from 2020 through 2023, and was named a nationally recognized Top Workplace in 2022 and 2023 by TopWorkplaces.com. www.woodmontproperties.com
About Butters Construction and Development
Butters is a vertically integrated real estate service company engaged in construction, development, leasing and property management. The company has developed over 22 Million square feet and totaling over $2.0 Billion. Assets owned include industrial, office, retail and hotels, located throughout Florida. Butters is a six-time (6x) winner of the NAIOP South Florida Chapter ‘Developer of the Year’ award and a top General Contractor in the region. www.butters.com
