PGIM Real Estate owns the speculative development in Fort Pierce, Fla.
PGIM Real Estate has partnered with Foundry Commercial on Interstate Crossroads, a 1,013,650-square-foot industrial development in Fort Pierce, Fla. Foundry will be in charge of project and property management, as well as all leasing activity at the asset acquired by PGIM from The Silverman Group.
The Silverman Group broke ground on the project dubbed Interstate Crossroads Business Center in 2021 after purchasing the 132-acre development site from FLF Holdings. Initial plans—no longer in place—were for either one 1.1 million-square-foot building or two separate 550,000-square-foot warehouses.
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Slated for completion in November, Interstate Crossroads is a one-building bulk warehouse coming online between Interstate 95 and the Florida Turnpike as the largest industrial facility within 125 miles. The property features 42-foot minimum clear heights, LED lighting and tilt-wall concrete construction, as well as 411 off-dock trailer parking spaces.
A long-lasting partnership
This is the fourth industrial project PGIM and Foundry have partnered on in the last four years. Their joint activity includes the development of six light industrial buildings in Huntersville, N.C., and the construction of a 510,000-square-foot warehouse west of downtown Orlando, Fla.
However, the two firms have been active this year separately as well. Foundry was appointed leasing manager for Innovatus Capital Partner’s Palladian Corporate Center in Durham, N.C., while PGIM partnered with CT Realty in the acquisition of a 282-acre site in Pennsville, N.J., with plans to build the Garden State Logistics Park.