Tag Archive for: foundry commercial

Baptist Health Sells Boynton Beach Medical Office Campus For $38M

Egret Point Logistics Center Office Campus Rendering at 3800 South Congress Avenue in Boynton Beach (Foundry Commercial) 760x320

Bethesda Hospital, a subsidiary of Baptist Health South Florida, sold a former medical office 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 vacant 30.7-acre site at 3800 South Congress Avenue, records show.

The deal breaks down to roughly $30 a square foot.

In 2002, Bethesda paid $8.8 million for the medical office facilities that were built in 1970, records show.

Foundry and Wheelock plan to redevelop the 125,281-square-foot campus into Egret Point Logistics Center, a planned 457,000-square-foot industrial project that was approved by the Boynton Beach City Commission last month, a press release states.

The joint venture plans to demolish the existing buildings this year, eyeing a completion date of next year for two new warehouses, the release states.

 

Source:  The Real Deal

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New Joint Venture To Ramp Up Investment In Growing Real Estate Segment

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An Orlando real estate services and investment firm has entered a new partnership to ramp up its presence in senior residential properties that specialize in health care.

Foundry Commercial and Springfield, Missouri-based Foster Senior Living LLC created a joint venture called FSL Senior Living Ventures LLC. The partnership came out of 15 years of working with Foster Senior Living and a desire to step into a growing segment of real estate, Kevin Maddron, health care principal for Foundry Commercial, told Orlando Business Journal.

Foster Senior Living will manage the day-to-day operations of the joint venture’s communities out of its offices and Foundry will provide capital and transaction knowledge from Orlando. Community types the venture will target include assisted living, memory care and skilled nursing.

 

Source:  OBJ

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