CREC, Florida’s premier independent full-service commercial real estate firm, has just brokered a $4.65 million sale of the 13-acre Pioneer Estates, a prime site for residential development in Palm Beach County.

Located at 9919 Pioneer Road, the property is zoned for residential development and is entitled for the construction of up to 93 fee simple townhomes.

Peter Mekras, Senior Vice President at CREC, represented the seller, a private land owner with a long held interest in the property. The site’s buyer is LuxCom, a local home builder with several projects in South Florida.

“As we began marketing the residentially-zoned land for sale, we generated multiple offers from local, regional and national land builders interested in the long-term investment opportunity this site offers,” Mr. Mekras said. “The Palm Beach market is experiencing strong demand for residential development with plans underway for large-scale, master-planned communities.”

During the past 90 days alone, Mr. Mekras has closed several sale and financing multi-family transactions valued at more than $150 million across South Florida.

Pioneer Estates is located minutes away from the Florida Turnpike in an upper-middle class neighborhood with an average household income of $85,414 within a one-mile radius and surrounded by top-rated public schools. There are also plans for retail developments nearby and convenient shopping and grocery options such as Publix, Home Depot and CVS.

About CREC

Founded in 1989 by Chairman Warren Weiser and President Carol Brooks, CREC (Continental Real Estate Companies) is Florida’s premier independent full-service commercial real estate firm, with offices in Miami, Fort Lauderdale and Orlando. The firm manages a portfolio of more than 100 office, retail and multifamily properties totaling 13 million square feet. With offices throughout Florida, CREC specializes in asset and property management, leasing, tenant representation, construction management, development dispositions and finance, and creative workout solutions. For more information, visit  www.crec.com.