Foundry Commercial is developing a new industrial facility off Interstate 85, the company said Wednesday.
The company is developing a 106-acre tract of wooded land on Beltway Bouelvard, near I-85 and Sam Wilson Road. Foundry and its capital partner Principal Real Estate Investors said they’ve closed on a deal to buy the land. Real estate records show they paid $6.7 million.
“The Airport West submarket has seen only 400,000 square feet of new product delivered in the last 2 years, so we expect demand for this project to remain high” said Bill Simerville, managing director and principal at Foundry, in a statement. “What makes WestPark 85 so exciting is it accommodates pent-up demand for institutional quality new supply, while fueling job growth in our region.”
The company will call the new project WestPark 85. Foundry said it will break ground on two buildings in the first phase, totaling 450,000 square feet. The company is planning to complete those in the fourth quarter of 2017, followed by a second phase making up the balance of the space.