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1,717 Acres sold for Industrial Development in Martin County

Colliers Florida represented both the buyer and seller in the transaction, which sold for $25 million

PALM CITY, FL | September 28, 2021 – As the “new frontier” of industrial development continues to push north and take root in Florida’s Treasure Coast, approximately 1,717 acres of developable land located along a 3-mile stretch of I-95 at 11335 SW Martin Highway in Martin County has sold to Sunrise Business Park, LLC for $25,000,000. Colliers Florida Vice Chairman Ken Krasnow, Executive Managing Director Michael Falk, Senior Director Mike Millard and Associate Sean Old represented both the buyer and the seller, Turner Groves Limited Partnership, in the transaction.

“The site is extremely well-located, with excellent exposure along I-95 in Martin County.” Krasnow said. “This area has seen explosive growth recently, which makes this purchase an ideal long-term value play for the booming industrial sector on the Treasure Coast.”

The long-held site has undergone years of planning and positioning for approvals with Martin County, which allows for over 5,000,000 SF of Industrial, 1,000,000 SF of office, 250,000 SF of retail and over 500 hotel rooms. The project is expected to be completed in phases and ready for development within the next 12-24 months.

“This purchase recognizes the current trend to develop large industrial tracks within the south Florida market.” Falk said. “It’s proximity to major interstates provides accessibility to an abundant labor force and affordable housing in this market.”

The Treasure Coast’s newest employment centers range from Cleveland Clinic, Cheney Brothers, FedEx and numerous Amazon distribution centers. Substantial population growth along the Treasure Coast has been a critical factor in attracting companies to expand into the area. Data released by the U.S. Census Bureau shows that the population among the three Treasure Coast counties (Martin, St. Lucie, and Indian River) increased by 17 percent since 2010. In just Martin and St Lucie counties, the total population for 2021 is 489,538, with a 24.1% projected population by 2026. Household income averages at $81,720, median at $59,735 and per capita at $32,866. According to the Neustar’s demographic forecast for the next five years, household growth is estimated at 18% and population growth at 19%, computing to almost 25,000 new households with an increase in population of 68,000. In Martin County, the unemployment rate is currently at 4% and the county employs more than 74,002 team members as of August 2021 – as listed on the county website.

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Ken Krasnow

Vice Chairman Institutional Investor Services

Miami

Ken Krasnow serves as Vice Chairman of Institutional Investor Services for the Florida region. In this role, he is responsible for broadening the company’s platform by developing key client relationships, leading major projects and transactions, maintaining senior real estate industry and political relationships and recruiting new talent. Ken brings more than 30 years of acclaimed expertise in the commercial real estate industry, offering an exceptional level of on-the-ground market knowledge. 

Since joining Colliers as Market Leader in 2015, Ken has overseen the tremendous growth of the business from less than two dozen professionals to more than 150 as of year end 2018 during which time the firm acquired high profile companies such as CREC, Pointe Group and MF&Co.  During that same period, revenues more than quadrupled while maintaining solid margins of profitability. 

Krasnow launched his career as a commercial leasing broker and was responsible for more than three million square feet of Class A office building agencies in New York City.  As the markets in Florida continue to rapidly evolve, I am proud to have a responsive approach to management, curating talent and specialties to help us always provide best-in-class service for our clients and community.

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Michael Falk

Executive Managing Director - Industrial/Office Services

West Palm Beach

As an experienced professional in the field of Commercial/Industrial Real Estate since 1982,  I serve as a Commercial Market Specialist in the South East Florida Metropolitan market, delivering an elevated level of expertise. I have successfully performed site selections, corporate consulting, lease analysis, sales and leasing, nationwide. I also provide national market consulting to various Wall Street Investment Firms. 

 Prior to my role in Colliers, I founded Michael Falk & Co., LLC in  1998 and it grew to become a full-service commercial brokerage firm focused on the sale and leasing of office, industrial, and investment properties. Our team represented a variety of clients including Wall Street investment firms and Fortune 500 companies. We  also worked with some of the region’s largest industrial owners, including West Palm Beach-based McCraney Property Co and Precise Properties.

Before establishing Michael Falk & Co., LLC in South Florida in 1998, I worked as Vice President for Charles Klatskin Company Inc., a New Jersey based Broker & Developer, from January 1983 to September 1998, where I worked with many Fortune 500 Companies. 

I am both a CCIM and dual designated Office and Industrial real estate specialist for The Society of Industrial and Office Realtors (SIOR).

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Mike Millard

Senior Director - Land Services

Boca Raton

As a Senior Director of  Land Services of Colliers International South Florida, I leverage my extensive experience and knowledge in land acquisitions and dispositions to our Land Advisory practice throughout Florida.

Throughout my career I have been involved with more than  4 million square feet of commercial properties and over 10,000 residential units. This includes, but is not limited to, land acquisition, development, construction, leasing, management and sales transactions. 

With nearly 40 years of experience in commercial and residential real estate business, I have had the pleasure of completing transactions within nearly every Florida market.  

Most recently as a Vice President at CBRE, I was a member of the Land Services Group (LSG), where I specialized in the disposition of excess land for clients, including large tracts of commercial, agricultural and transitional land within the State of Florida. Preceding my employment with the Falcone Group, as Vice President of Commercial Development, I was a vice president with WCI Communities for nearly five years. In this capacity, I was responsible for negotiating all aspects of land sale acquisitions and dispositions throughout Florida. During this time period I negotiated approximately $500 million in land transactions much of the land consisting of the former McArthur Foundation Land Holdings totaling 14,000 acres in North Palm Beach County. I have also been involved with several CDD (Community Development District) and served on the Board of the Old Palm CDD.

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Sean Old

Associate | South Florida

Boca Raton

Sean Old is an Advisor with the Wesley Commercial Advisors Team at Colliers, where he focuses on Multifamily assets and Transitional Land, out of Boca Raton, Florida.

Since joining Colliers in 2017, Mr. Old has been involved in over $250 million in investment real estate transactions and $55 million in transitional land developments across 4,000 acres within major Florida markets.

Throughout his career, Sean has worked alongside nationally recognized top producers at Colliers, Cushman & Wakefield and Newmark. He has assisted the sale, lease or listing of ±3.0 million square feet of office and industrial space and ±$300 million in transactions of Manufactured Home Parks and RV Resorts.

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