Foundry Commercial and Wheelock Street Capital Break Ground on 485K SF Festival Logistics Park in Pompano Beach With $78M Loan

Key Points:

•  Foundry Commercial and Wheelock Street Capital started construction on a 485K SF industrial campus in Pompano Beach
•  The project is backed by a $78M construction loan from The Hartford Financial Services Group
• The 25-acre site was acquired for $66M and will deliver three Class A warehouse buildings by Q4

Industrial Momentum Continues in South Florida

Ground has officially broken on Festival Logistics Park, a 485,000 square foot Class A warehouse campus in Pompano Beach, Florida. The project is being developed by Foundry Commercial in partnership with Wheelock Street Capital. Located at 2900 W. Sample Road, the 25-acre site was formerly home to the Festival Flea Market. The developers acquired the property for $66 million from IMC Equity Group in September.

$78M Construction Loan Signals Lender Confidence

The capital stack includes a $78 million construction loan originated by The Hartford Financial Services Group. In today’s tighter lending environment, securing construction debt for nearly half a million square feet of speculative industrial space underscores continued confidence in South Florida’s logistics fundamentals. The campus will feature three Class A buildings, with completion expected in the fourth quarter of this year. Miller Construction Co. is serving as the general contractor.

Redeveloping Retail Into Logistics

The redevelopment replaces the former flea market structures, reflecting a broader trend across Florida where underperforming retail and legacy commercial assets are being repositioned into logistics products. Pompano Beach benefits from strong highway connectivity and proximity to Port Everglades and South Florida’s dense population base. That combination continues to attract institutional industrial capital despite moderating rent growth from pandemic-era peaks. Leasing efforts will be led by Stream’s Nick Wigoda, Steve Medwin, and Eli Havlik, positioning the project to capture tenant demand ahead of delivery.

Final Thoughts

Festival Logistics Park represents a classic land repositioning play. Acquire a well-located infill site at scale, demolish obsolete retail, and deliver Class A warehouse space into a supply-constrained corridor. With institutional sponsorship, fresh construction financing, and strong South Florida demographics, the project reinforces that industrial remains one of the most durable asset classes in today’s market.