Butters Group sold a development site in Delray Beach for $20 million, where the buyer is building a new headquarters.
Hoerbiger Corp. of America, led by CEO Thorsten Kahlert, bought the 14.2-acre property at 9888 West Atlantic Avenue from an affiliate of Coconut Creek-based Butters, led by Malcolm Butters, records and real estate database Vizzda show. The site is within West Atlantic Business Plaza, a 23.2-acre business park where Butters broke ground last year on two warehouses spanning 300,000 square feet on 9 acres.
Butters acquired the land between 2019 and 2021 for a combined $14.8 million, records show.
Last year, Palm Beach County approved a site plan for Hoerbiger’s mixed-use facility at West Atlantic Business Plaza. The planned building, consisting of 45,000 square feet of offices and 155,000 square feet of manufacturing space, will be Hoerbiger’s North American hub, a press release states. The company will move from its current headquarters in Pompano Beach.
Butters is the project’s general contractor and broke ground this month, records show.
Based in Zug, Switzerland, Hoerbiger manufactures components for natural gas, hydrogen and clean energy companies, the firm’s website states.
The Hoerbiger deal marks the second time in two years that Butters builds a new warehouse facility for a single user buyer. In 2023, the firm and partner Arvinder Bajaj sold Sunrise Logistics Center, a 102,913-square-foot industrial building completed the same year, for $29.8 million to an entity managed by David Rabbani, president of Hallandale Pharmacy in Dania Beach.
In another South Florida industrial deal this month, Blackstone and its subsidiary Link Logistics sold three warehouses in Dania Beach and Miramar to Ares Management for $120.5 million.
In Coral Springs, NorthBridge Partners paid $22.3 million for a showroom and warehouse leased to Floor & Décor. Midtown Miami developer Jon Samuel sold the 106,289-square-foot building to NorthBridge, an industrial real estate firm based in Linthicum Heights, Maryland and Wakefield, Massachusetts.
