News
Coral Gables, Fla. (July 22, 2022) – Foundry Commercial, a full-service real estate services and investment firm with offices across the Sun Belt, announces Ted Elam, Principal for Foundry Commercial, has recently been named to the 2022 class of the South Florida Business Journal’s “40 Under 40.”
“’If you are good enough, you are old enough’ is a great quote that fits Ted and Foundry. Ted’s impact on our South Florida Development and Investment team, working with Ford Gibson and David Blount, has had a huge impact on building one of the most competitive development platforms within Foundry and South Florida,” said Paul Ellis, Foundry CEO.
In his role with Foundry, Elam sources, underwrites and capitalizes projects for the firm’s Development & Investments group based in South Florida. His team has closed or is in the process of closing more than 11.9 million square feet at a total investment value of $2.2 billion of acquisitions and dispositions in both office and industrial across South Florida. That includes 11.2 million square feet of industrial development valued at $2 billion. Foundry’s South Florida team is comprised of nearly 30 investment and development professionals.
In 2021, one of the most significant closings that Elam led was that of the Americas International Center (“AIC”) industrial park in Miami-Dade County. The 147,000-square-foot shallow bay facility, which is 95% leased, is positioned within one of the most active industrial submarkets in the country. What makes this deal particularly impressive is that Foundry actually put it under contract in 2019 but had to put the deal on hold when COVID-19 struck in 2020. He had the foresight to put it back under contract in late 2020 when it looked as though the markets improving. Even more impressive was the fact that Elam and his team pivoted the strategy to a value-add strategy when the development issues looked insurmountable before pivoting back to a development strategy. That project is now in for approvals.
Elam is a graduate of the Wake Forest University, where he received a bachelor’s degree in Business and Enterprise Management. He also holds an MBA in Finance from Northwestern University’s Kellogg School of Management. He is a member of the Board of Directors for the Commercial Industrial Association of South Florida (CIASF) and is also a member of the Urban Land Institute (ULI).