Foundry Commercial and PGIM Real Estate Form Joint Venture to Develop 510,000-Square-Foot Industrial Park in Orlando
Posted on April 11, 2017
--Princeton Oaks to span 60 acres, bring new jobs to Central Florida--
ORLANDO, Fla. (April 11, 2017) – Foundry Commercial announces today the formation of a joint venture with PGIM Real Estate to develop Princeton Oaks, a 510,000-square-foot Class A industrial project in Orlando.
Princeton Oaks will be situated on 60 acres west of downtown Orlando near the intersection of John Young Parkway and Princeton Street, and will not only add much-needed industrial space to the region, but is also projected to add 300 new jobs for area residents.
“Light Industrial properties are a hot commodity in Central Florida, yet there has been little development within key demographics, like millennials, which are one of the biggest driving forces behind the e-commerce industry,” said Moses Salcido, managing director at Foundry Commercial. “The market has primarily focused on ‘first mile’ aspects of distribution, and is now starting to focus on ‘last mile’ efforts to reach this consumer base.”
The “last mile” aspect involves goods delivered direct-to-consumers, and is more reliant on urban warehousing for speed of delivery. This also mitigates time and cost of the supply chain. Having facilities near the urban core that are in close proximity to major roadways is a growing need that has been underserved in Orlando.
Princeton Oaks will be developed in the center of an established and thriving businesses community, which is also close to residential areas. The location of the asset provides a convenient solution to the “last mile” issues faced by local vendors and e-commerce companies, and will also provide easy access to major roadways that circumvent I-4 during the I-4 Ultimate Improvement Project.
Princeton Oaks is the second industrial development from Foundry Commercial in Central Florida. The first, Crews Commerce Center, is a $50 million industrial park in southwest Orlando that includes 739,410 square feet of Class A industrial space across six buildings. The first three buildings of Crews Commerce Center, which total 337,920 square feet, will be completed in May 2017.
Groundbreaking on Princeton Oaks is slated for spring 2017, with an expected delivery date of December 2017.
For more information on Princeton Oaks, visit princetonoaksindustrial.com or contact Justin Ruby. Justin.Ruby@foundrycommercial.com or 407-865-0311
About Foundry Commercial
Foundry Commercial is a full-service real estate services and investment company with 270 employees and more than 45 million square feet of management and leasing across the Southeast and Texas. Foundry provides corporate services, brokerage, leasing, building management and project management services, and is the largest real estate service provider to religious and not-for-profit organizations in the Country. Foundry also includes a development and investment platform that is fully integrated into its services business, leveraging its local market expertise to control nearly $700 million in advantaged investment opportunities in partnership with its clients. Foundry Commercial was founded as CNL Commercial Real Estate in 2007 and launched as Foundry in 2015 through a management-led buyout. For more information, visit www.foundrycommercial.com.
About PGIM Real Estate
PGIM Real Estate is the real estate investment business of PGIM, the global investment management businesses of Prudential Financial, Inc. (NYSE: PRU). Redefining the real estate investing landscape since 1970, PGIM Real Estate has professionals in 18 cities in the Americas, Europe and Asia Pacific with deep local knowledge and expertise, and gross assets under management of $66.0 billion ($47.6 billion net) as of Dec. 31, 2016. PGIM Real Estate’s tenured team offers to its global client base a broad range of real estate investment vehicles that span the risk-return spectrum across core, core plus, value-add, debt, securities, and specialized investment strategies. For more information, visit www.pgimrealestate.com.