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