Foundry Commercial and Wheelock Capital are teaming up to convert a shuttered indoor flea market in Pompano Beach into an industrial complex.
Orlando-based Foundry, led by Paul Ellis, and Greenwich, Connecticut-based Wheelock, led by Rick Kleeman and Jonathan Paul, paid $66 million for the 26-acre Festival Marketplace at 2900 West Sample Road, according to a press release.
An affiliate of Yoram Izhak’s North Miami-based IMC Equity Group sold the property for $10 million above the previous sale price seven years ago. In 2018, the IMC affiliate paid $56 million for it, records show. Three years later, IMC sold a parking lot adjacent to the flea market for $16 million.
Festival Marketplace closed in June.
Foundry and Wheelock are planning Festival Logistics Park, a 474,000-square-foot complex divided into three buildings ranging from 60,000 square feet to 300,000 square feet, the release states. Demolition of the existing building and initial construction of the new project are slated to begin later this year, according to the joint venture. Festival Logistics Park’s expected completion is in 2026.
The joint venture hired Nick Wigoda and Steve Medwin with Stream Realty Partners to lease up the planned industrial park, the release states.
Since 2015, Foundry has developed and purchased $5 billion worth of commercial real estate assets across the country totaling 31 million square feet. The firm’s south Florida portfolio is roughly 10 million square feet and more than $1.5 billion in project volume, the release states.
In July, Foundry and a real estate fund advised by Dallas-based Crow Holdings Capital paid $23.1 million for a 10.2-acre parking lot near Festival Marketplace where the partnership is planning a pair of warehouses.
Since its inception in 2005, Wheelock has acquired $11 billion-plus in real estate assets, primarily focusing on hospitality, industrial, retail and mixed-use projects, the firm’s website states.
This month, Wheelock, Giles Capital Group, Rosemurgy Properties and Schmier Property Group sold the retail component of Uptown Boca, a mixed-use project in Boca Raton, for $118.4 million. The buyer was San Francisco-based Stockbridge Capital Group.
