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Foundry Commercial and Wheelock Street Capital Acquire 31-Acre Site
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Bethesda Hospital, a subsidiary of Baptist Health South Florida, sold a former medical campus in Boynton Beach for $37. 7 million.
A joint venture between Orlando-based Foundry Commercial and Greenwich, Connecticut-based Wheelock Street Capital acquired the 30. 7 vacant acres at 3800 South Congress Avenue, records show.
The deal amounts to about $30 per foot.
In 2002, Bethesda paid $8. 8 million for medical offices built in 1970, according to Records.
Foundry and Wheelock plan to remodel the 125,281-square-foot campus into the logistics hub of Egret Point, a planned 457,000-square-foot commercial allocation that was approved through the Boynton Beach City Commission last month, according to a news release.
The joint venture plans to demolish existing buildings this year and plans to complete the structure of two new warehouses next year, he said.
Egret Point would mark the moment of Foundry’s business conversion. In Dallas, the company acquired a 287,000-square-foot building that is scheduled for demolition. Foundry plans to build a 24-acre, 337,000-square-foot shopping complex.
Foundry’s Miami office is led by the company’s director, Ted Elam. The company leases and manages more than 68 million square feet of advertising real estate in thirteen U. S. markets. U. S. countries, including South Florida, he said. Recently, Foundry has invested more than $4. 3 billion in joint investments. companies and has more than $1 billion in major active developments, according to the release.
Recently, Foundry has expanded its real estate advertising in South Florida. This month, the company hired CBRE broker David Bateman to lead Foundry’s newly introduced investment sales, debt and financing, leasing and asset control department in the tri-county area.
Founded in 2008 through managing partners Rick Kleeman and Jonathan Paul, Wheelock has raised more than $5 billion in capital commitments from institutional investors and is focused on real estate investment opportunities across the United States, he said. The company has two budgets totaling $2. 3 billion in capital. commitments.