Dallas-based Dalfen Industrial and Goldman Sachs sold the Turnpike Logistics Center at 1673 and 1715 Meathe Drive in unincorporated Palm Beach County to Boston-based Cabot Properties for $79.6 million, or $251 per square foot. CBRE represented the sellers in the transaction.

The industrial complex comprises two buildings — one spanning 124,500 square feet and the other 193,000 square feet — across approximately 30 acres. The property was developed by Jeff Greene and purchased by Dalfen in 2021 for $60.6 million at roughly $191 per square foot when newly completed. The sale represents a 31.4 percent gain, translating to $19 million in appreciation over approximately four years.

Current tenants at the complex include Eastern Metal Supply, KNOX Stones, and Vault Logistics. The stabilized tenant roster and long-term lease structure likely contributed to the premium Cabot was willing to pay above Dalfen's basis.

The transaction arrives as Palm Beach County's industrial market shows signs of recovery after a period of softening. The county's industrial vacancy rate declined to 6.8 percent in Q4, down from 7.2 percent the prior quarter. Asking rents reached $16 per square foot triple net, and countywide absorption totaled 142,000 square feet for the year.

For institutional industrial investors, the deal suggests that well-located, stabilized South Florida logistics assets continue to command meaningful premiums over basis. Cabot's acquisition aligns with a broader trend of Boston- and New York-based capital targeting Florida's distribution infrastructure as e-commerce demand and population growth sustain tenant demand across the tri-county region.