Foundry JV Kicks Off Fort Lauderdale Industrial Project
A $78 million loan backs this development.
Foundry Commercial, in partnership with Wheelock Street Capital, has started construction on Festival Logistics Park, a 485,000-square-foot industrial campus in Pompano Beach, Fla.
Completion is expected in the fourth quarter of this year. Stream Realty Partners will serve as exclusive leasing broker.
The Hartford Financial Services Group Inc. originated a $78 million construction loan for the project, according to Yardi Matrix data.
Foundry Commercial purchased the site from IMC Equity Group for $66 million in September last year, Broward County public records show.
The developer demolished the existing structures on the property and tapped Miller Construction Co. as general contractor for the upcoming project, according to the same source.
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The development is at 2900 W. Sample Road, on the former Festival Flea Market site. The 25-acre property will include three Class A buildings, with the location allowing for access to the Florida Turnpike and Interstate 95. Major thoroughfares connect to Fort Lauderdale, Fla., Miami and West Palm Beach, Fla. Downtown Fort Lauderdale and its international airport are both within 22 miles of the development.
The three facilities will include 32- to 36-foot clear heights, dock-high loading doors, ESFR sprinkler systems, ample parking and industrial features designed for a wide range of users, including logistics and light manufacturing.
Stream’s Managing Directors and Executive Vice Presidents Nick Wigoda and Steve Medwin, together with Senior Associate Eli Havlik, will oversee leasing efforts at Festival Logistics Park.
A wave of deliveries
Industrial completions in Fort Lauderdale totaled nearly 1.5 million square feet across 11 properties last year, Yardi Matrix information shows. This was a significant increase from the 171,983-square-foot single property that came online a year prior. Combined with Miami metro, a total of 5 million square feet came online last year.
Florida’s industrial sector continues to thrive, driven by population and job growth. In Orlando, Fla., VanTrust Real Estate purchased 71.2 acres for SunPark Industrial, a 2 million-square-foot project. The developer will begin construction on the first phase later this year.
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