Egret Point Logistics Center
Update
04/02/24
Foundry Commercial Purchases Vacant Baptist Health Office Building to Redevelop into Egret Point Logistics Center
Foundry Commercial, a full-service real estate services and investment firm with offices across the Sun Belt and Texas, closed on 3800 South Congress Avenue, a 126,000-square-foot office and warehouse building in Boynton Beach, Florida. Foundry, in partnership with Wheelock Street Capital, purchased the facility from Baptist Health with plans to demolish the existing -structure to make way for 457,000 square feet of Class-A industrial warehouses called Egret Point Logistics Center.
The purchase of the property marks the second office-to-industrial conversion in the last quarter for Foundry Commercial’s Development & Investments platform; the other purchase made for the same purpose occurred in the Dallas market, with more on the horizon.
“During a time when industrial continues to be in demand with little supply, it is exciting to partner with Wheelock Street on Egret Point Logistics Center,” said Ted Elam, Principal at Foundry Commercial. “Through this latest project, we are not only creating modern warehouse facilities for users, but we are also removing an older structure that has outlived its purpose, paving the way for a brighter, more efficient future.”
“We are excited to partner with Foundry Commercial on the acquisition and development of Egret Point Logistics Center,” added Hunter Jones, Principal at Wheelock. “The project aligns with our strategy of investing in infill, multi-tenant warehouse facilities and our positive view on Palm Beach County and the greater south Florida region.”
Located on Interstate 95 in Palm Beach County, Egret Point Logistics Center is also close to the Port of Palm Beach, Palm Beach International Airport, and Fort Lauderdale–Hollywood International Airport. Foundry anticipates demolition of the existing office structure will begin this spring. The 30-acre property will eventually house two rear-load, Class-A industrial warehouses featuring 180′ truck courts, 32′ clear heights, ample car parking, and ESFR sprinkler systems. Construction on the new facilities is expected to be complete next spring.
