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Baptist Health sells Boynton Beach medical office campus for $38M
Foundry Commercial and Wheelock Street Capital acquired 31-acre site
Bethesda Hospital, a subsidiary of Baptist Health South Florida, sold a former medical office campus in Boynton Beach for $37.7 million.
A joint venture between Orlando-based Foundry Commercial and Greenwich, Connecticut-based Wheelock Street Capital acquired the vacant 30.7-acre site at 3800 South Congress Avenue, records show.
The deal breaks down to roughly $30 a square foot.
In 2002, Bethesda paid $8.8 million for the medical office facilities that were built in 1970, records show.
Foundry and Wheelock plan to redevelop the 125,281-square-foot campus into Egret Point Logistics Center, a planned 457,000-square-foot industrial project that was approved by the Boynton Beach City Commission last month, a press release states.
The joint venture plans to demolish the existing buildings this year, eyeing a completion date of next year for two new warehouses, the release states.
Egret Point would mark Foundry’s second office-to-industrial conversion acquisition. In Dallas, the firm acquired a 287,000-square-foot office building slated for demolition. Foundry plans to build a 24-acre, 337,000-square-foot industrial complex.
Foundry’s Miami office is led by company principal Ted Elam. The firm leases and manages more than 68 million square feet of commercial real estate across 13 U.S. markets, including South Florida, the release states. Foundry has currently invested more than $4.3 billion in joint ventures and has more than $1 billion in active ground-up developments, the release states.
Recently, Foundry beefed up its commercial real estate services in South Florida. This month, the firm hired CBRE broker David Bateman to spearhead Foundry’s recently launched investment sales, debt and financing, leasing and property management division in the tri-county region.
Founded in 2008 by managing partners Rick Kleeman and Jonathan Paul, Wheelock has raised over $5 billion in capital commitments from institutional investors and focuses on real estate investment opportunities throughout the U.S., the release states. The firm has two funds with a combined $2.3 billion in capital commitments.