Wheelock Street Capital and Foundry Commercial Purchases Vacant Baptist Health Office Building to Redevelop into Egret Point Logistics Center

Boynton Beach, Fla. (March 28, 2024) – Foundry Commercial, a full-service real estate services and investment firm with offices across the Sun Belt and Texas, closed on 3800 South Congress Avenue, a 126,000-square-foot office and warehouse building in Boynton Beach, Florida. Foundry, in partnership with Wheelock Street Capital, purchased the facility from Baptist Health with plans to demolish the existing -structure to make way for 457,000 square feet of Class-A industrial warehouses called Egret Point Logistics Center.

The purchase of the property marks the second office-to-industrial conversion in the last quarter for Foundry Commercial’s Development & Investments platform; the other purchase made for the same purpose occurred in the Dallas market, with more on the horizon.

“During a time when industrial continues to be in demand with little supply, it is exciting to partner with Wheelock Street on Egret Point Logistics Center,” said Ted Elam, Principal at Foundry Commercial. “Through this latest project, we are not only creating modern warehouse facilities for users, but we are also removing an older structure that has outlived its purpose, paving the way for a brighter, more efficient future.”

“We are excited to partner with Foundry Commercial on the acquisition and development of Egret Point Logistics Center,” added Hunter Jones, Principal at Wheelock. “The project aligns with our strategy of investing in infill, multi-tenant warehouse facilities and our positive view on Palm Beach County and the greater south Florida region.”

Located on Interstate 95 in Palm Beach County, Egret Point Logistics Center is also close to the Port of Palm Beach, Palm Beach International Airport, and Fort Lauderdale–Hollywood International Airport. Foundry anticipates demolition of the existing office structure will begin this spring. The 30-acre property will eventually house two rear-load, Class-A industrial warehouses featuring 180′ truck courts, 32′ clear heights, ample car parking, and ESFR sprinkler systems. Construction on the new facilities is expected to be complete next spring.

For inquiries, contact Foundry Commercial at 561-208-7979 or via email at ted.elam@foundrycommercial.com.

About Foundry Commercial

Foundry Commercial is a full-service commercial real estate services and investment company operating across the office, industrial, retail, multi-family, healthcare, religious, and not-for- profit asset classes and clients. Focused on the Sun Belt markets, Foundry is sustained by 2,000 associates operating from 13 markets, providing leasing and management on more than 68 million square feet and over 3,000 seniors housing units, executing over $1.6 billion in leasing, tenant rep, and investment sale transactions annually. Foundry’s development and investment platform is fully integrated with its services business and is currently invested in over $4.3 billion in joint ventures with many of the best-known institutional investors in the country and currently has over $1 billion in active ground-up developments across all our markets. For more information, visit www.foundrycommercial.com.

About Wheelock Street Capital

Wheelock Street Capital L.L.C. is a private real estate investment firm founded in 2008 by Rick Kleeman and Jonathan Paul, two veteran real estate private equity investors, each with over 30 years of broad real estate transaction experience across all major asset classes. Wheelock has raised over $5 billion in capital commitments from well-known institutional investors and focuses on real estate investment opportunities throughout the United States, in both public and private markets. Wheelock is currently deploying its seventh fund in its value-added series, Wheelock Street Real Estate Fund VII with $1.2 billion of capital commitments and its first perpetual life fund, Wheelock Street Long Term Value Fund with $1.1 billion of capital commitments. The firm may invest directly or with high quality joint venture partners through a variety of capital structures and transaction types, including acquisitions, restructurings, and recapitalizations. Wheelock’s investment team benefits from extensive experience from top-tier institutional investment firms and highly regarded real estate operating companies and has produced a 10-plus-year track record of demonstrated and consistent outperformance over industry benchmarks. For more information, visit www.wheelockst.com.

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