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Developer Secures $75M Construction Financing for Industrial Park

First Phase of Bridge Point Commerce Center Expected to Open in Miami Gardens Next Year
May 8, 2018
Bridge Development Partners LLC obtained a $75 million construction loan to build a massive industrial business park in Miami Gardens, FL.

At full build-out, Bridge Point Commerce Center will consist of 2.1 million square feet on 186 acres at 3900 NW 215th St. Fronting Florida’s Turnpike, the site is equidistant to the two major airports in Miami and Fort Lauderdale and has immediate access to the turnpike and I-75.

This single project essentially equals the amount of Class A space that Bridge Development has delivered in South Florida since the company entered the market eight years ago.

The first phase – three Class A warehouses totaling 1.1 million square feet – is due to be finished in the second quarter of 2019.

  For the Record: CIBC Bank U.S. and Hartford Investment Management issued the loan. Steve Roth of CBRE arranged the financing on behalf of the borrower.

Kevin Carroll, a partner in Bridge Development’s Southeast region, said in a statement that the park will offer a nearby alternative to southwest Broward County, where available industrial space is limited.

“With financing in place, we’re eager to get our first building up and capitalize on current market demand,” Carroll said.

Chicago-based Bridge acquired the site in October from Atlanta-based Manheim Services Corp. for $28.2 million.

Demand for warehouses has been building for a few years. Existing space is dwindling, in part because e-commerce retailers need industrial buildings to store products before shipping them to customers.

"Retailers are looking to deliver products directly to consumers' doorsteps, so industrial properties need to be 'close to clicks,'" Carroll told CoStar News last year.

Miami-Dade County ranks in the top 15 percent of markets nationally for industrial construction, deliveries and achievable asking rents, according to CoStar Market Analytics. The data tracks warehouse and distribution space, but not specialty and manufacturing uses.

Last year, developers added well more than 3 million square feet to the market, reversing a trend of declining vacancies, according to CoStar’s first quarter industrial report. Still, vacancies are expected to remain below the national average.

Aside from Bridge Point Commerce Center, Bridge Point Development is building Bridge Point Powerline Road, a 467,832-square-foot industrial park in Pompano Beach, FL. The firm secured a $32.1 million construction loan for that project last month.

The developer has a third industrial project, Bridge Point Riverbend, a 221,542-square-foot building at I-95 and Broward Boulevard in Fort Lauderdale. That project is expected to be complete in the third quarter of 2018.

Paul Owers, South Florida Market Reporter  CoStar Group   
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