Foundry Commercial recently completed the sale of a 16.2-acre tractor-trailer parking lot in western Coral Springs for $34.1 million. The gated truck parking lot, located at 12640 Wiles Road, was sold to Stockbridge Capital Group for $2.1 million per acre.
The developer originally purchased the property for $8.75 million in 2022 and secured a construction loan of $22.93 million to build the gated tractor-trailer park on site which required environmental remediation due to its brownfield status.
According to reports from South Florida Business Journal, this prime property is situated along Sawgrass Expressway and adjacent to Foundry’s newly developed Osprey Logistics Park spanning over 427,000 square feet.
Industrial outdoor storage (IOS) sites are gaining traction as an attractive niche market due their growing importance in e-commerce and logistics industries as well as their potential for high returns on investment.
