Foundry Commercial Sells IOS Site For $34 Million

Foundry Commercial has finalized the sale of a prime 16.2-acre tractor trailer parking facility in western Coral Springs, fetching $34.1 million.

The gated lot, located at 12640 Wiles Road, was sold to Stockbridge Capital Group for an impressive $2.1 million per acre.

According to county records, Foundry originally acquired the site for $8.75 million in 2022. They then invested significantly in its development, securing a $22.93 million loan to construct the facility, which also involved cleaning up environmental contamination from its previous use as a brownfield.

Strategically positioned along the Sawgrass Expressway and neighboring Foundry’s newly developed 427,000-square-foot Osprey Logistics Park, this property underscores the growing appeal of industrial outdoor storage (IOS) sites. As e-commerce and logistics sectors expand, IOS facilities are emerging as a lucrative investment opportunity, promising robust returns due to their critical role in supply chain operations.

 

Source:  Connect CRE