Foundry Commercial and a real estate fund bought a 10.2-acre parking lot in Pompano Beach for $23.1 million, with plans to develop a pair of warehouses.
Orlando-based Foundry and a fund advised by Dallas-based Crow Holdings Capital bought the site on the northwest corner of Northwest 33rd Street and Northwest 27th Avenue, according to records and real estate database Vizzda. The site is called Festival South and is directly south of the Festival Marketplace shopping center that closed this summer.
Foundry and its partner plan a 182,000-square-foot development with a pair of warehouses, a Foundry news release says.
Led by Paul Ellis, Foundry’s development and investment since 2015 has totaled $5 billion across 31 million square feet, according to its website. In South Florida, the firm has a portfolio of about 10 million square feet and more than $1.5 billion in project volume, including about 21 developments, the firm’s news release says.
Foundry has been investing in South Florida. In January, it sold the six-story Sawgrass Lake Center office building at 13450 West Sunrise Boulevard in Sunrise for $36.5 million, marking a 36 percent discount from its purchase price in 2018.
Last year, Foundry and Greenwich, Connecticut-based Wheelock Street Capital paid $37.7 million for a 30.7-acre vacant site at 3800 South Congress Avenue in Boynton Beach. The property was a former medical office.
Foundry also has a brokerage arm.
South Florida’s industrial market experienced a demand slowdown during the first quarter, though landlords didn’t reduce their asking rents, according to a CBRE report. In Broward County, the vacancy rate hit 4.1 percent in the first quarter, up from 3.8 percent during the same period of last year. The average asking rent was $15.48 a square foot, higher than $14.79 a square foot during the same period of last year.
Deal activity also has slowed, according to the CBRE report.
In April, affiliates of Jon Samuel’s Midtown Group sold the showroom and warehouse at 11711 West Sample Road in Coral Springs to NorthBridge Partners for $22.3 million. Also in April, Dallas-based Copart paid $65 million for the 40.3-acre industrial site at 7876 West Belvedere Boulevard and 801 Pike Road near West Palm Beach. Copart uses the property to store and sell used vehicles.
Read more
Foundry poaches ex-CBRE broker to lead South Florida investment sales, leasing
Prologis pads its South Florida industrial portfolio, pays Codina $57M for Doral warehouse
Ares cements top ranking for pricey purchases in South Florida, paying $147M for Miami Lakes industrial complex
