Bridge Development Partners Secures $13.46M Construction Loan for Bridge Point FLL Logistics Center in Fort Lauderdale
Bridge Development Partners, one of South Florida’s most active industrial real estate developers, today announced it has secured $13.46M in financing to develop its Bridge Point FLL Logistics Center project in Fort Lauderdale, Fla. The speculative, two-building,174,129-square-foot logistics facility, located at 3303 S.W. 12 Avenue at Fort Lauderdale–Hollywood International Airport, is slated for completion in 3Q 2019.
The loan was issued by Wells Fargo and secured by Steve Roth of CBRE’s Debt & Structured Finance team and will cover the development of the strategically located, 10.2-acre site, acquired by Bridge Development in June.
“The South Broward industrial market continues to see historically low vacancy rates and increased demand for state-of-the-art distribution facilities,” said Kevin Carroll, Partner, Southeast Region of Bridge Development Partners. “With financing in place, we look forward to delivering what will be our third world-class project in Fort Lauderdale—Bridge Point FLL Logistics Center.”
Bridge Point FLL Logistics Center will feature two Class-A industrial buildings divisible to 16,000 square feet. Building 1 will span 92,165 square feet, while Building 2 will total 81,964 square feet. Both are shallow-bay buildings, which allow more flexibility for today’s users, and will feature 32’ clear ceiling heights, rear-dock loading, and ESFR sprinkler systems. The logistic center’s strategic location offers immediate access to all points in South Florida via I-95 and I-595, including air and seaports.
Hernandez Construction has been selected as general contractor for the project. CBRE Senior Vice President Tom O’Loughlin and First Vice President Larry Genet have been named exclusive leasing agents for the project.
Bridge Development is on track to deliver nearly 2 million square feet of Class-A industrial space in key South Florida distribution markets in the coming months. In addition to Bridge Point FLL Logistics Center, current projects include Bridge Point Riverbend, a world-class, 221,542-square-foot industrial building located at the intersection of I-95 and Broward Boulevard in Fort Lauderdale; Bridge Point Commerce Center in Miami Gardens—the company’s largest South Florida project to date—which will encompass 2.1 million square-foot of class-A industrial space at full build out; and Bridge Point Powerline Road—a modern +/- 467,832-square-foot industrial park in Pompano Beach. Since entering the South Florida market in 2010, Bridge Development has delivered more than 2 million square feet of Class-A industrial space.
