Foundry Commercial sold a tractor-trailer parking lot in western Coral Springs for $34.1 million. Foundry sold the 16.2-acre gated truck parking lot at 12640 Wiles Road to Stockbridge Capital Group for $2.1 million per acre.

The S. Florida Business Journal reports the developer acquired the property for $8.75 million in 2022 and obtained a $22.93 million construction loan to build the gated tractor-trailer park. It was also a brownfield, so it required environmental remediation.

This property is located along the Sawgrass Expressway and next to Foundry’s new 427,000-square-foot Osprey Logistics Park.

Industrial outdoor storage (IOS) sites (photo) are emerging as a promising niche for their increasingly significant role in the e-commerce and logistics sectors and their potential to earn strong returns for investors.

The post Foundry Trades Coral Springs IOS Site for $34.1M appeared first on Connect CRE.