Case Study

Overview
Foundry Commercial represented Baptist Health in the disposition of a ±30.75 AC in-fill industrial development site in South Florida.
Location
Boyton Beach, FL
Foundry’s IAG team represented Baptist Health in the disposition of a ±30.75 AC in-fill industrial development site in South Florida. There was an existing 125K warehouse facility on the property that was fully occupied, however Baptist had termination rights for all of the tenants who were not affiliated with the hospital allowing them to position the property for future industrial redevelopment and maximize the density.
CHALLENGES:
- The high interest rate environment made it difficult to source debt.
- There were environmental contamination issues and mitigation work that needed to be completed at the property.
STRATEGY:
- Foundry launched a broad marketing campaign targeting industrial developers across the country which resulted in 19 initial offers on the on the property.
- Foundry created a competitive bid process to push pricing through a second round of offers with a select group of top prospects, leading to a best and final round.
- Foundry facilitated buyer interviews to qualify the top three prospects by understanding their future development plans, track record for similar projects, previous experience working with the local municipalities, and source of capital.
RESULTS:
The property successfully closed for $37,750,000, which was over $10 million more than the seller’s pricing expectations, and over $20 million more than the offers the seller received prior to listing the property with Foundry.