October 12, 2022
TypeDeal, Press Release
MIAMI, FL – (October 5, 2022) – Bridge Industrial (“Bridge”), a privately-owned, vertically integrated real estate operating company and investment manager, today announced the acquisition of two, well-located industrial facilities totaling 123,814 square feet situated on a strategically located, 6.2 acre site in central Miami-Dade County. The properties are located just south of the Palmetto Expressway between NW 49th Avenue to NW 48th Avenue in the Palmetto Lakes Industrial Park.
Jose Sasson, Director of Investment Sales at Axiom Capital Advisors, represented Bridge in the transaction, while Robert Comunale, President of Industrial Group Realty, Inc., represented the seller, Sunway Holdings, LLC.
Bridge will close this acquisition simultaneously with an acquisition loan provided by CIBC. Following the acquisition, Bridge plans to implement a multi-million-dollar, comprehensive capital improvement program to upgrade and enhance the property. Upgrades will include landscaping, roof replacements, other deferred maintenance, and paving underutilized land to provide additional car and trailer parking for future tenants.
“We are pleased to have closed on this acquisition, as it perfectly aligns with our value-add strategy of buying assets with short-term cash flow and the ability to increase this through capital upgrades,” says Cory Welper, Director, Acquisitions, of Bridge Industrial. “This deal illustrates the short-term sale-leaseback structure that we hope to continue to execute in Miami and nationally. These facilities are ideally suited for a last-mile logistics user due to the properties’ central location, functional design, and above-standard parking ratio—which is increasingly rare in South Florida.”
Kevin Carroll, Partner, Southeast Region, Bridge Industrial, adds, “Following the leasing success of Bridge Point AVE, we are pleased to have further expanded our portfolio of institutional-grade industrial product in this submarket. We will be simultaneously marketing Bridge Point Gratigny for lease during the stabilization period at Bridge Point Palmetto Lakes, allowing us the opportunity to offer industrial users multiple options within this highly desirable submarket.”
This marks the third acquisition as part of Bridge’s national value-add acquisitions strategy. The first acquisition was nearby Pompano Beach Commerce Park, a three-building, 336,852-square-foot industrial campus in Pompano Beach, Fla.; and the second acquisition was Bridge Point Melrose Park II, a 186,880-square-foot Class-A industrial facility to be delivered in Q3 of 2023
Located at 16175 NW 49th Avenue, the first of two buildings acquired in Bridge’s most recent deal, is a 95,941-square-foot industrial building constructed in 1990with 22’ clear ceiling heights throughout and sections up to 30’ clear. Located at 16250 NW 48th Avenue, the second building is a 27,873-square-foot facility featuring 20’ clear ceiling height The site currently features 200 parking stalls, which Bridge plans to expand to 275. The Palmetto Lakes Industrial submarket provides an institutional corporate park environment and is currently less than 2 percent vacant. The park is located less than a half mile from an interchange onto the Palmetto Expressway, which provides excellent connectivity to I-75, I-95, and all of Miami Dade and Broward Counties. This central location allows users to reach Miami International Airport, Fort Lauderdale International Airport, Downtown Miami, Downtown Fort Lauderdale, Port Miami and Port Everglades all within 25 minutes.
Bridge is one of South Florida’s most active industrial real estate developers. Since 2012, the company has acquired approximately 700 acres in 18 separate transactions across South Florida. Bridge has delivered and/or has under construction more than 10 million square feet of Class-A industrial space regionwide. Bridge continues to seek opportunities to develop modern industrial facilities in the most supply-constrained core infill industrial markets that can meet the steady demand for last-mile and next-day delivery.