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Foundry, Wheelock land $52M construction loan for Boynton Beach industrial complex
JV is redeveloping medical clinic into a two-building logistics center spanning 457K sf
Foundry Commercial and Wheelock Street Capital scored a $52.3M construction loan to build an industrial complex in Boynton Beach.
First Citizens Bank provided the financing for Egret Point Logistics Center, which will consist of two warehouses at 3800 South Congress Avenue, a press release states. A JLL team led by Steven Klein and Melissa Rose represented Orlando-based Foundry and Greenwich, Connecticut and Boston-based Wheellock.
The joint venture acquired the 30.8-acre redevelopment site for $37.7 million in March from Bethesda Hospital, a subsidiary of Baptist Health South Florida, records show. Foundry and Wheelock plan to demolish a shuttered 125,281-square-foot medical office campus and replace the buildings with two new warehouses spanning 457,100 square feet, the release states.
Egret Point Logistics Center will offer warehouse space to multiple tenants, the release states.
Foundry, led by Paul Ellis, is on a roll developing industrial warehouses in South Florida. The firm is also teaming up with New York-based Clarion Partners and Carrie Meek Foundation, a non-profit organization named after the late Miami-Dade congresswoman, to build two new warehouses in Opa-locka.
The partnership recently broke ground on the project at Carrie Meek International Business Park after nabbing a $30.1 million construction loan from Regions Bank. Foundry, Clarion and Carrie Meek Foundation have a ground lease with Miami-Dade County to develop 122 acres near Miami-Opa-Locka Executive Airport. In 2018, the joint venture completed an 800,000-square-foot Amazon distribution center and a 280,000-square-foot industrial facility.
Wheelock, led by founding partner Rick Kleeman, has raised more than $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.
In West Palm Beach, Wheelock and Brand Atlantic Real Estate Partners are developing Banyan & Olive, a mixed-use project that will consist of a new 12-story office building with a six-level garage and the renovation of a historic, three-story building for retail use.