The sole gas station in the affluent town of Palm Beach, Florida, has been sold for $11.94 million. The iconic Gray’s Sunoco, a fixture for decades, was purchased by a real estate investor with deep local ties who intends to maintain its essential community service.
A Landmark Transaction
The service station located at 340 S. County Road, known for offering full-service pumping, has a new owner. The sale was finalized by Peter Berley, who had owned the property for 20 years, through his company Caralex Realty Co. LLC. The buyer is a Delaware-registered limited liability company affiliated with Palm Beach real estate investor Alexander Hufty Griswold.
Buyer’s Commitment to Preservation
Alexander Hufty Griswold, who also serves on the town’s Landmarks Preservation Commission, confirmed his involvement in the purchase. He expressed a strong desire to preserve the property’s current use as a gas station.
"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," Griswold stated.
A Glimpse into the Station’s History
Gray’s Sunoco has been a vital part of Palm Beach for generations. A gas station has operated on or near the current site since the early 20th century. The Gray family has been associated with the business since 1979, acquiring the land and building in 1986.
Key Takeaways:
- The sale price for the Palm Beach gas station was $11.94 million.
- The buyer, Alexander Hufty Griswold, plans to keep it operating as a gas station.
- The station has been a community staple for decades, with the Gray family involved for over 40 years.
The station, situated on a four-tenths of an acre lot at the corner of Australian Avenue, features four service bays and a small convenience store. It has often been a point of focus during hurricane seasons when residents rush to refuel.
Previous Ownership and Market Activity
Peter Berley acquired the gas station in 2005 for $2.6 million. Prior to that, the Gray family had owned the land and building since 1986. The Gray family’s involvement concluded in January of this year when Richard Gray and his son Brett retired after long tenures.
Griswold, through his company Armata Holdings Management Corp., has a history of commercial real estate transactions in Palm Beach, including office and mixed-use buildings. His family also has deep roots in the town, with notable past involvement in civic and business affairs.
Past Development Proposals
Interestingly, the year before the 2005 sale, there was a proposal to redevelop the site, potentially combining it with an adjacent town-owned parking garage for a larger mixed-use project. However, these plans never materialized.
Sources
- Only gas station in Palm Beach, Florida, sells for $11.94 million, Palm Beach Daily News.