Tribune Publishing's Parent Company Expands West Palm Beach Industrial Portfolio

Twenty Lake Holdings, a subsidiary of Alden Global Capital, the firm behind Tribune Publishing, is ramping up its industrial real estate footprint in West Palm Beach.

Records and real estate database Vizzda reveal that Twenty Lake, headquartered in Stamford, Connecticut, has acquired five warehouses at 601 Roseland Drive. The 57,282-square-foot property was purchased at a rate of $262 per square foot.

The seller, managed by James Morris of West Palm Beach, originally bought the 2.7-acre site for $1 million in 1986. The site’s original building dates back to 1925, with the other four warehouses constructed between 1981 and 1987.

This new acquisition is part of Twenty Lake's broader investment strategy. Under the leadership of CEO Joe Miller, the firm has been active in expanding its industrial, residential, and office property holdings across the U.S. Earlier this year, Twenty Lake invested $11 million in another West Palm Beach warehouse complex. The firm’s portfolio now includes 10 million square feet of managed properties.

Alden Global Capital, Twenty Lake’s parent company, made headlines in 2021 with its $635 million acquisition of Tribune Publishing, which oversees major newspapers including the South Florida Sun-Sentinel, Tampa Bay Times, and Chicago Tribune. That same year, Twenty Lake also acquired a 27-acre Tampa site for $21 million, previously home to the Tampa Bay Times’ printing press.

In other industrial transactions in Palm Beach County, recent deals have further highlighted the area's robust market. Last month, Armata Holdings purchased a warehouse portfolio in West Palm Beach for $19.5 million. This seven-building collection, known as the Warehouse District, was sold by Charlotte, North Carolina-based Asana Partners.

In June, LBA Logistics acquired the Park Logistics Center in Riviera Beach for $55 million. The 236,554-square-foot warehouse was sold by Dallas-based Dalfen Industrial to Irvine, California-based LBA.

The industrial market in Palm Beach County has shown stability year-over-year. According to a JLL report, the vacancy rate edged up to 3.9% in the second quarter of this year, compared to 3.7% during the same period last year. Median asking rents also saw a slight increase, rising to $14.70 per square foot from $14.07.