Foundry Commercial bought a Coral Springs industrial development site for $40.8 million, with plans to build distribution warehouses.
The Orlando-based company bought the 22.2-acre property on the southwest corner of Northwest 39th Street and 120th Avenue, records show.
Foundry expects to build two warehouses totaling 410,000 square feet, according to Ted Elam, of Foundry’s Boca Raton office.
The site’s seller was Biggie Investments Sawgrass Place East, managed by John Biggie, records show.
Foundry, which invests in and develops various property types, has been focusing on industrial real estate in South Florida in recent years. In August, the company teamed up with New York-based real estate private equity firm HighBrook Investors for the $18 million purchase of the Americas International Center in Doral.
The company also has had other ground-up projects in the region. It completed two warehouses totaling over 300,000 square feet in Hialeah Gardens this year.
Aside from being a developer and investor, Foundry has a brokerage, and handles leasing, building and project management, as well as corporate management services, according to its website. Paul Ellis is the CEO.
The South Florida industrial market has been robust for years, propped up by high demand in a land-constrained region where developable sites are scarce. The sector further prospered during the pandemic, due to e-commerce growth.
Colliers reported that warehouse rents continued to increase in the third quarter of this year, reaching $9.68 a square foot in Broward County, topping $9.19 per square foot during the same period in 2020.