Foundry Commercial plans warehouses in Coral Springs, pays $41M for dev site

Developer completed Hialeah Gardens facility this year

Miami /
Dec.December 15, 2021 04:30 PM
Foundry Commercial’s Paul Ellis and the industrial development site on the southwest corner of Northwest 39th Street and 120th Avenue in Coral Springs, FL. (Foundry Commercial, Google Maps)

Foundry Commercial’s Paul Ellis and the industrial development site on the southwest corner of Northwest 39th Street and 120th Avenue in Coral Springs, FL. (Foundry Commercial, Google Maps)

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.
​​

Foundry bought that 18-acre development site for $13.1 million in 2019 and scored a $26.3 million construction loan the following 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.





    Related Articles

    arrow_forward_ios
    Residential sales fall in Southern Florida
    Residential sales fall in April across South Florida
    Residential sales fall in April across South Florida
    Alterra Property Group's Leo Addimando and 1645 Northwest 33rd Street in Pompano Beach (Google Maps, Alterra Property Group)
    Philly firm pays $14M for Pompano Beach warehouse
    Philly firm pays $14M for Pompano Beach warehouse
    Trippie Redd with 5600 Southwest 136th Avenue (Getty, iStock, Richard Lopez of Lopez Productions, Illustration by Shea Monahan for the Real Deal)
    Rapper Trippie Redd buys Southwest Ranches estate
    Rapper Trippie Redd buys Southwest Ranches estate
    Nuveen CEO Jose Minaya and 801 Brickell Avenue in Miami (Nuveen, Colliers)
    Lease roundup: Nuveen moving Southeast HQ to 801 Brickell
    Lease roundup: Nuveen moving Southeast HQ to 801 Brickell
    Woodmont Properties chairman Donald Witmondt and ceo Eric Witmondt (Woodmont properties, Loopnet)
    Woodmont beefs up Palm Beach Park of Commerce portfolio with $21M warehouse deal
    Woodmont beefs up Palm Beach Park of Commerce portfolio with $21M warehouse deal
     EverWest Real Estate Investors’ Rick Stone with  635 Northwest Fourth Ave (LinkedIn, Loopnet)
    EverWest pays $14M for Fort Lauderdale industrial property
    EverWest pays $14M for Fort Lauderdale industrial property
    Real Estate Investment Services’ Kyle Matthews with  201 East Las Olas Boulevard (Real Estate Investment Services, Loopnet)
    Lease roundup: Matthews Real Estate opens first Florida office in Fort Lauderdale
    Lease roundup: Matthews Real Estate opens first Florida office in Fort Lauderdale
    Bridge Industrial founder and CEO Steve Poulos and the development site at 4310 NW 215th Street (Bridge Industrial)
    Bridge Industrial nabs $154M construction loan for Miami Gardens project
    Bridge Industrial nabs $154M construction loan for Miami Gardens project
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...