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Foundry, Clarion score $30M construction loan to build Opa-locka industrial project
JV is developing two warehouses at Carrie Meek International Business Park
Foundry Commercial and Clarion Partners are expanding an Opa-locka industrial complex after nabbing $30.1 million in construction financing for two new warehouses.
Regions Bank provided the loan to the joint venture, which recently broke ground on two facilities spanning 374,000 square feet on 21.4 acres at Carrie Meek International Business Park, records show.
A JLL team led by Melissa Rose and John Rose arranged the financing, a press release states.
Foundry and Clarion, along with the nonprofit Carrie Meek Foundation, have a ground lease with Miami-Dade County to develop the 122-acre industrial site at 4000 Northwest 142nd Street.
The partnership completed an 800,000-square-foot Amazon distribution center at the business park and another 280,000-square-foot warehouse in 2018, records show. The two new planned warehouses represent the next phase of development at Carrie Meek International, and can be configured for single tenants or multiple occupants, the release states.
The estimated construction cost for the entire business park is $231 million, according to Foundry’s website. Led by Paul Ellis, Foundry is an Orlando-based commercial real estate development and investment firm. The company has completed or bought 30 million square feet of office, multifamily, industrial, retail and institutional projects, representing $4.4 billion in deal volume, Foundry’s website states.
In March. Foundry beefed up its South Florida investment sales and leasing brokerage division by luring away broker David Bateman from CBRE. Bateman now heads Foundry’s commercial real estate services in South Florida. Foundry is property manager for a tri-county portfolio spanning 10 million square feet, including its own real estate and that of its clients.
New York-based Clarion Partners is a global real estate investment firm led by CEO David Gilbert. The company has $75.6 million in assets under management, representing more than 1,500 properties across 80 markets, Clarion’s website states.
In 2022, Clarion sold a Coconut Creek apartment complex for $69 million to Bainbridge Companies, as well as a multifamily building in North Bay Village for $122 million to iStar subsidiary Safehold.