Forman Capital Finances Construction Of New Industrial Development In Growing Port St. Lucie

Updated June 22, 2026

Forman Capital closed a $14.99 million construction loan for the first phase of Tradition at Commerce Park (TCP), a shallow bay industrial center planned for 12051 Southwest Tom Mackie Blvd. in Port St. Lucie.

The borrower is BTH Development Partners, a Florida-based family office and developer. The Forman Capital team that worked on the transaction includes Scott Mehlman, Ty Regnier,  Mike Rediker, Brett Forman and Ben Jacobson. Jay Miller and AJ Felberbaum of BayBridge Real Estate Capital brokered the financing, which closed June 18.

Phase 1 of TCP will consist of 73,600 rentable square feet split across two buildings: a 38,400-square-foot building and a 35,200-square-foot building, with construction expected to be delivered over an 18-month timeline. Each building can be subdivided into spaces as small as 3,200 square feet, providing maximum flexibility for a broad range of industrial and logistics tenants.

Construction is expected to begin later this summer. No tenants have been announced.

TCP is envisioned as a four-phase development that will ultimately deliver approximately 552,000 rentable square feet of industrial space, making it one of the most significant industrial projects underway in St. Lucie County.

Port St. Lucie has emerged as one of Florida’s top industrial markets, underpinned by explosive population growth and a strategic location equidistant between Miami and Orlando. This rapid growth is generating substantial and sustained demand for last-mile industrial and distribution facilities capable of serving the region’s expanding consumer base.

The county’s ongoing economic development initiatives have created low unemployment, further supporting tenant demand for well-located industrial space.

“Port St. Lucie is one of the most compelling industrial development stories in the Southeast U.S.,” said Mehlman, Forman Capital Partner and Chief Investment Officer. “The population growth is real, demand drivers are in place, and Tradition at Commerce Park is exceptionally well-positioned to capture the logistics demand this market is generating. We are pleased to support BTH Development Partners on this exciting first phase.” 

 

“Multi-tenant, flex-space industrial product in high-growth, supply-constrained markets is exactly the type of opportunity we seek to finance,” said Forman, Forman Capital Managing Partner. “BTH Development Partners has a clear vision for this project and the Tradition submarket, and we look forward to supporting their long-term business plan as the project scales.”