Sale of Iconic Palm Beach Gas Station Shakes Up Local Real Estate Market

Introduction

In a significant move within Palm Beach’s real estate landscape, the historic Gray’s Sunoco gas station, located at 340 S. County Road, has been sold for $11.94 million. This sale marks a pivotal moment for the only gas station in Palm Beach County that still offers full-service pumping.

Details of the Sale

Seller and Buyer Profile

• Seller: Peter Berley, who had owned the gas station for 20 years through his company, Caralex Realty Co. LLC.
• Buyer: A Delaware-based limited liability company, with ties to Palm Beach real estate investor Alexander Hufty Griswold.

Griswold confirmed his participation in the deal, emphasizing a commitment to maintaining the station’s longstanding role in the community. "I grew up going to the Gray’s Sunoco, and now that it’s the only remaining gas station in Palm Beach, it’s crucial to retain this town-serving use for the community," he stated.

Convenient Location and Features

• Address: 340 S. County Road, situated at the bustling intersection of Australian Avenue and near Memorial Fountain and Town Hall.
• Facility: The station features four service bays and a small convenience store, resting on a 0.4-acre lot.

Luxury vehicles such as Rolls-Royces, Bentleys, and Ferraris are frequently seen at the station, reflecting Palm Beach’s affluent demographic.

Historical Significance

The Gray’s Sunoco has been a staple in the community, with gas services dating back to the early 20th century. Over the years, the station transitioned between brands, starting with Gulf Oil, moving to BP, then Mobil, and ultimately adopting the Sunoco brand.

A Changing Landscape

Previously, in 2005, Berley purchased the station for $2.6 million from co-owners Richard Gray and Paul Lapidus. Under their management, the station continued to serve the community until Richard Gray and son Brett retired in January 2025, marking the end of an era for the Gray family in this business.

Community Impact and Future Plans

Griswold, also a member of the Landmarks Preservation Commission, intends to preserve the station’s operational status. "It’s essential for the community to retain this asset," he reiterated.

Historically, during natural disasters, this station has been crucial for residents and visitors alike, particularly when hurricanes threaten the area.

The Legacy of Gray’s Sunoco

• History: The Gray family took over the lease in 1979 and acquired ownership in 1986.
• Rejecting Previous Proposals: A plan for a mixed-use development that involved merging the station with a neighboring parking garage was considered but ultimately fell through before it could be realized.

Conclusion

The transaction marks an essential chapter in Palm Beach’s real estate history as it navigates changes in community service offerings and property ownership. While the physical structure remains familiar to locals, the recent acquisition by Griswold ensures that the Gray’s Sunoco continues to be a vital resource for Palm Beach residents.

For more information on the development of Palm Beach real estate, check out related articles on Palm Beach Daily News or explore community discussions on the significance of heritage properties and landmarks.