Foundry Commercial Breaks Ground on Coral Springs Industrial Park

Osprey Logistics Park groundbreaking event. Image courtesy of Foundry Commercial

Foundry Commercial has broken ground on Osprey Logistics Park, a two-building industrial development in Coral Springs, Fla. Slated to rise on 22 acres, the project will bring a total of 427,000 square feet to the South Florida industrial market.

Located at the intersection of Northwest 39th Street and Northwest 120th Avenue, the property is in proximity to the Sawgrass Expressway, with access to the tri-county area. Interstate 95 is a 15-minute drive from the industrial buildings. A 16-acre trailer parking lot is nearby.

Osprey Logistics Park will feature 36-foot ceiling heights, a 4,000 per square foot floor load, ESFR sprinkler systems and a rear loading with concrete apron. According to CommercialCafe, the industrial buildings have been designed to achieve LEED certification.

The industrial warehouse marks Foundry Commercial’s 14th development in southern Florida. Last year the company partnered with GLP Capital Partners to develop a 495,000 square foot logistics center in Doral, Fla., less than an hour south of Osprey Logistics Park.

Construction is anticipated to complete in the fall of 2023. Cushman & Wakefield will be the leasing agent for the asset.

South Florida, an industrial hot spot

The southern Florida industrial market saw its third consecutive quarter of increased demand in the first quarter of 2022, according to a report by Newmark. In the industrial market, the area saw a net absorption of 1.9 million square feet, with a vacancy rate of 3.4 percent.

In prepared remarks, Principal of Development and Investments for Foundry Commercial, David Blount, expressed his excitement about the future of Osprey Logistics Park, saying the warehouse will contribute toward the growing need for industrial space in South Florida.

Other industrial projects to break ground in the area this year include Bridge Industrial’s Bridge Point Doral. The asset will be a 2.6 million-square-foot logistics center in Doral.