Foundation Park will see two new tenants in 2024. FedEx Freight acquired 43-acres in the southeast corner of the park along I-29. They’ve begun grading and will do most of the build-out of their new freight terminal in the spring and summer of 2024. Owens & Minor, a Fortune 500 company, and Avera will be moving into a 330,000 square foot multi-tenant building in the northeast part of the park. Owens & Minor designs, manufactures, and sources health care products. They’ve partnered and supplied medial products to Avera since 2012. Avera will have numerous operations at the new facility including centralized pharmacy, supply chain, bio-medical engineering, home medical distribution and courier operations.
Both projects will make a significant impact on Foundation Park regarding size and amount of overall employment. These two projects are also following a trend in Foundation Park of significantly larger parcel sizes and overall scope of project. In addition, the structure of both projects is setting a new trend in the industrial market in Sioux Falls. Both projects were completed using a national developer, meaning that the developer negotiated, purchased, and will own the site and lease the building back to the end users. The FedEx Freight project on 43-acres was acquired by Setzer Properties, a firm based in Lexington, Kentucky. The Owens & Minor/Avera project was completed by Brookwood Capital Partners, a firm based out of Raleigh, North Carolina. We are certainly seeing this model more often as Sioux Falls continues to grow, and we market Sioux Falls on a national scale.