April 3, 2018
TypeDeal, Press Release
Bridge Development Partners today announced it has secured $32.1 million in financing to develop Bridge Point Powerline Road—a modern +/- 467,832-square-foot industrial park featuring Class-A warehouse, distribution and flex/showroom space in Pompano Beach, FL. Strategically located equidistant between the Florida Turnpike and I-95 with direct frontage on Powerline Road, the project is slated for delivery in the first quarter of 2019.
The loan, issued by Webster Bank, was secured by Steve Roth of CBRE’s Debt & Structured Finance team and will cover the development of the +40-acre site acquired by Bridge Development in November from Waste Management Inc. of Florida.
“With financing in place, we look forward to delivering this state-of-the-art industrial project,” said Kevin Carroll, Partner, Southeast Region of Bridge Development Partners. “Bridge Point Powerline Road sits on one of the largest industrial-zoned sites in North Broward county, where a healthy appetite for well located, high quality space continues. This site is particularly ideal for tenants who require easy access to key distribution points across the tri-county region, including air and seaports.”
Located at 1951 North Powerline Road, Bridge Point Powerline Road business park is situated in the heart of Pompano Beach’s industrial submarket, midway between the Florida Turnpike and I-95—the shortest distance between the two interstate highways in Broward County. Bridge is developing all three facilities simultaneously. Buildings 1 and 2 total 172,927 square feet each and share a 180’ truck court. Building 3 totals 121,978 SF and boasts a fully-secured 121’ truck court. All buildings feature modern amenities, including 32’ clear ceiling heights, 54’ column spacing, 60’ speed bays, T-5 energy efficient lighting, and ESFR sprinkler systems. Additionally, Bridge is marketing a ±3.5-acre parcel with Powerline Road frontage for sale to users who require the unique access and visibility offered by the smaller parcel. The project offers easy access to South Florida’s major transportation arteries and is a short 15 minute-drive to Fort Lauderdale-Hollywood International Airport and Port Everglades and just 30 minutes from Miami International Airport and PortMiami.
Bridge Development is on track to deliver more than 1.75+ million square feet of Class-A industrial space in key South Florida distribution markets over the next 12 months. In addition to Bridge Point Powerline Road, Bridge Development acquired a 185-acre development site in Miami Gardens in October to develop a 2 million square foot business park called Bridge Point Commerce Center—the company’s largest South Florida project to date. Scheduled for completion in the third quarter of 2018, the company is also on track to deliver 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, Fl. Since entering the South Florida market in 2010, Bridge Development has delivered more than 2 million square feet of Class-A industrial space.
For more information on Bridge Point Powerline Road or to schedule a property tour, please contact CBRE’s Tony Hoover at (561) 393-1619.