October 11, 2017
TypeDeal, Press Release
As part of an approximately $700 million sales agreement with Duke Realty Corporation (NYSE: DRE), Bridge Development Partners, LLC, has announced the disposition of Bridge Point I-95 business park in Fort Lauderdale, Fla. for approximately $55 million. Located immediately off Interstate-95, the former site of a cement pipe manufacturing plant was transformed with the development of the two-building, 306,466-square-foot industrial park that is now home to well-established brands including Floor & Décor, Broward Motorsports and U.S. Autoforce.
“This project illustrates Bridge’s ability to see past complex site issues to pursue prime development opportunities,” said Kevin Carroll, a principal of Bridge Development Partners and Florida market leader. “The City of Fort Lauderdale has been a great partner as we worked to overcome the unique set of challenges that comes with the redevelopment of a 50 plus year old manufacturing plant. Delivering Bridge Point I-95 business park nearly fully pre-leased in less than 18 months is evidence that strong demand continues for high-quality, infill locations.”
Bridge, NAIOP South Florida’s 2016 Developer of the Year, has completed the disposition of approximately 1.5 million square feet of South Florida industrial properties thus far in 2017. In April, Bridge sold three Class-A, industrial buildings totaling 676,835 square feet—Bridge Point Crossroads East and South located in Hialeah Gardens, FL. In March, the company sold two Class-A, industrial buildings totaling approximately 400,000 SF: Bridge Point Davie located in South Broward County and Bridge Point Crossroads West located in Northwest Miami Dade County.
The disposition of Bridge Point I-95 to Duke Realty represents the first phase of a larger portfolio sales agreement arranged by brokers with CBRE National Partners and HFF. The deal consists of 10 newly constructed state-of-the-art facilities in the nation’s top infill industrial markets including Southern California, Northern New Jersey and South Florida. In addition to the properties, the deal includes two land parcels on which two properties totaling 852,745 SF will be constructed, beginning later this year. Once fully constructed the value of the portfolio will total nearly $700 million.
“This portfolio sale is part of the $1.1 billion of new state-of-the-art industrial assets Bridge will sell in 2017,” said Steve Poulos, Founder/CEO of Bridge Development Partners. “The portfolio includes a mix of fully stabilized, partially stabilized and completely vacant assets.”
Bridge has completed over $2 billion in developments/acquisitions since the inception of its joint venture with Dallas-based Banner Oak Capital Partners in 2013. The Chicago-based developers aren’t planning on slowing down anytime soon.
“Bridge has a pipeline of over $1.3 billion which encompasses 10.3 million SF in the most supply constrained U.S. core industrial markets of Chicago, Miami, New Jersey, Los Angeles, San Francisco and Seattle,” said Tony Pricco, President of Bridge Development Partners.
Located at 2200 West Sunrise Boulevard in Fort Lauderdale, FL, Bridge Point I-95 industrial park features two buildings with 32’ clear ceiling heights, rear-dock loading and high-powered ESFR sprinkler systems. With direct on-ramp access to I-95, the park offers easy access to South Florida’s major transportation arteries and is within close proximity to Fort Lauderdale-Hollywood International Airport and Port Everglades, and just a short 30-minute drive to Miami. Bridge Development Partners acquired the 17.5-acre site in December 2015.