Foundry Betting $150M On ‘Transformative’ Spec Industrial

Written by on 11.15.16 in Done Deals, Industrial, Land, Office, Retail - No comments

Foundry Commercial just entered in what its calling an “historic joint venture” that aims to improve the quality of life for South Florida residents.

The firm partnered with Miami-based charitable organization Carrie Meek Foundation on a ground lease for a speculative $150 million industrial project in Miami-Dade County.

Carrie Meek International Business Park rendering

Carrie Meek International Business Park rendering

Dubbed Carrie Meek International Business Park, the public-private partnership is the first of its kind in the region. The development is expected to create thousands of jobs in the area. Indeed, new-to-market Foundry is driving business fast.

“What is unique about Carrie Meek International Business Park is that it is a new commercial development that is privately funded, but will provide direct community benefits,” says Ford Gibson, managing director at Foundry Commercial and head of industrial development and activity in South Florida. “Not only will the asset bring new jobs to Miami-Dade, but since a portion of the revenue generated from the development will go back to The Carrie Meek Foundation’s job training program, we will help to ensure that local workers are well-equipped to take on the jobs that are being created.”

This workings of this deal date back to 2008, when Carrie Meek took over the lease at Miami-Opa locka Executive Airport from another non-profit organization. For several years, the Carrie Meek team searched for a development partner that had the capability to bring an industrial project of this size to fruition and also shared its vision for creating a stronger South Florida community. That search led them to Foundry Commercial, formerly known as CNL Commercial Real Estate, in 2010.

Completion of the first phase of the project’s speculative development is expected during the fourth quarter of 2017. Clarion Partners, on behalf of a commingled fund advised by the fund, will act as the facility’s capital partner. Now seems to be an ideal time for this type of project.

“The economy is benefitting both from pent-up post-recessionary demand and from real, organic growth in many sectors,” Bruce Ford, president of Transwestern’s Southeast division, tells GlobeSt.com. “Job growth is healthy, particularly in the sectors that drive office and industrial expansions. And trade and monetary policy are encouraging investment in US goods, services, and properties.”

 

Source: GlobeSt.

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