Bridge Development Partners, one of South Florida’s most active industrial real estate developers, today announced it has completed the sale of two Class-A, industrial buildings totaling nearly 400,000 SF: Bridge Point Davie located in South Broward County and Bridge Point Crossroads West located in Northwest Miami Dade County.
CBRE’s Capital Markets team including Chris Riley, Vice Chairman in Atlanta; Christian Lee, Vice Chairman in Miami; and José Antonio Lobón, Senior Vice President in Miami represented Bridge Development in the sale to an institutional investment management firm.
“Institutional owners remain bullish on South Florida,” said Kevin Carroll, a principal of Bridge Development Partners’ Miami office. “Fueling this demand is strong market fundamentals combined with limited purchase opportunities of well located, investment-grade properties, such as Bridge Point Davie and Bridge Point Crossroads West.”
A testament to the state-of-the-art facilities Bridge Development Partners delivers, the company has closed a half million square feet of lease transactions across its South Florida portfolio during the past six months. Since entering the South Florida market in 2012, the developer has delivered approximately 1 million square feet of Class-A industrial space, with an additional 1 million square feet currently under construction and slated for delivery in early 2017.
Bridge Point Davie is a 145,800-square-foot industrial building set on a 9.75-acre site located at 3501 Burris Road in Davie, FL.Completed in the second quarter of 2015, JLL’s leasing team led by Steve Wasserman and David Wigoda brought Bridge Point Davie to 100 percent occupancy with desirable tenants including Pet Supermarkets and Challenge Warehouse in place. The world-class distribution center features 32-foot-clear ceiling heights, state-of-the-art ESFR fire suppression systems, and leasing bay sizes of approximately 12,150 square feet. Bridge Point Davie serves as a prime distribution location with convenient access to I-95, I-595, the Florida Turnpike, Fort Lauderdale-Hollywood International Airport and Port Everglades.
Bridge Point Crossroads West is a 243,300-square-foot facility located at 10901 NW 46th Street in Hialeah Gardens, FL. Completed in the third quarter of 2016, Cushman & Wakefield’s leasing team led by Wayne Ramoski and Gian Rodriguez have brought the modern distribution center to nearly 90 percent occupancy with quality tenants Ace Transport and Pas Cargo in place. The building features rear-load warehouse bays from ±21,000 square feet, clear ceiling heights of 32 feet, 54-foot column spacing, T–5 energy-efficient lighting, 120-foot secured truck courts, and an ESFR fire sprinkler system. The property serves as a strategic distribution point with immediate access to US 27, Florida’s Turnpike, SR 826 and I-75, servicing both Dade and Broward counties and their respective sea and airports.
About Bridge Development Partners
Bridge Development Partners, LLC (www.bridgedev.com) is a privately owned firm focused on the development and acquisition of industrial real estate in the South Florida, Northern New Jersey, Los Angeles and Chicago regions. Bridge develops investment-grade buildings and business parks, and acquires existing Class A and Class B properties that provide opportunities to add value. Since its inception in 2000, Bridge has successfully acquired and developed more than 16 million square feet of industrial buildings/projects valued at more than $2.0 billion. Currently, Bridge has a strategic joint venture with Akard Street Partners, L.P., an investment partnership operated by Banner Oak Capital Partners, L.P., a Dallas-based investment advisor.
