May 7, 2018
TypeDeal, Press Release
Bridge Development Partners today announced it has secured $75 million in financing to develop its Bridge Point Commerce Center project in Miami Gardens, FL. Strategically located between Miami-Dade and Broward Counties on a 185-acre site with direct frontage on the Florida Turnpike, the Class-A industrial park will encompass 2.1 million square feet at full build out. Phase 1 of the project is slated for delivery in the second quarter 2019 and will feature three Class-A industrial buildings totaling 1.1 million square feet.
The $75 million loan, issued by CIBC Bank US and Hartford Investment Management Company, was secured by Steve Roth of CBRE’s Debt & Structured Finance team and will cover the development of the 185-acre site acquired by Bridge Development in October.
“With the historically successful Miramar submarket tapped out for new industrial development, Bridge Point Commerce Center offers a much-needed alternative that’s only a stone’s throw away,” said Kevin Carroll, Partner, Southeast Region of Bridge Development Partners. “With financing in place, we’re eager to get our first building up and capitalize on current market demand.”
Located at 3900 Northwest 215th Street, Bridge Point Commerce Center offers Florida Turnpike frontage with 155,310 cars passing per day. Phase I will feature three Class-A industrial buildings. Divisible to 40,000 square feet, the first two buildings are 286,875 square feet with 32’ clear ceiling heights and the third is a 534,816-square-foot, cross-dock facility with 36’ clear ceiling heights. The park’s location is equidistant from Miami International Airport and Fort Lauderdale International Airport and offers immediate access to all points in South Florida via the Florida Turnpike and I-75. Build-to-suit and build-to-own opportunities are also available.
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 Commerce Center, Bridge Development secured a $32.1 million construction loan last month to develop Bridge Point Powerline Road—a modern +/- 467,832-square-foot industrial park in Pompano Beach, which is slated for delivery in the third quarter of 2019. 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. 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 about Bridge Point Commerce Center or to schedule a tour, contact CBRE’s Tom O’Loughlin, SIOR at (953) 356-0468 or David C. Albert at (305) 381-6474.