Foundry Commercial and Wheelock Capital Purchase Shuttered Pompano Beach Flea Market for $66M

Foundry Commercial, led by Paul Ellis, and Wheelock Capital, led by Rick Kleeman and Jonathan Paul, have joined forces to purchase the Festival Marketplace in Pompano Beach for $66 million. The 26-acre property, located at 2900 West Sample Road, will be transformed into an industrial complex. This deal marks a $10 million increase from the previous sale price of the property, which was sold seven years ago.

The seller, an affiliate of IMC Equity Group based in North Miami, was led by Yoram Izhak. The company purchased the property in 2018 for $56 million, making this a lucrative sale for them. According to records, the IMC affiliate sold the parking lot separately in 2019 for $3.5 million.

This purchase by Foundry Commercial and Wheelock Capital is not their first partnership. In 2017, the two companies joined forces to acquire a large industrial portfolio in South Florida for $92.2 million.

In regards to their new venture, Ellis stated, "We are excited to work with Wheelock Capital to bring new life to this property and create a dynamic industrial complex in Pompano Beach."

Originally reported by The Real Deal.

https://therealdeal.com/miami/2025/09/26/foundry-wheelock-pay-66m-for-pompano-beach-dev-site/