CBRE Arranged the Loan to Refinance Phase I of Bridge Industrial’s Largest Business Park in South Florida
MIAMI, FL – (December 17, 2021) – Bridge Industrial (“Bridge”), a privately-owned, vertically integrated real estate operating company and investment manager, today announced it has secured a long-term, fixed-rate loan to refinance Phase I of its Bridge Point Commerce Center in Miami Gardens, Fla.
Delivered in January, Phase I of the Class-A industrial park consists of three buildings totaling 1.1 million square feet of space that is nearly fully leased at 97 percent to notable tenants including CITY Furniture and HapCor, among others. Construction is underway on Phase II of the project, which encompasses two buildings, totaling 1.5 million square feet and is on schedule to be delivered in early 2023.
The loan was issued by Hartford Investment Management Company and secured by Steve Roth of CBRE’s Debt & Structured Finance team. Loan proceeds will be used to retire an existing construction loan with a floating rate.
“Modern, last-mile logistics centers like Bridge Point Commerce Center continue to outperform the market,” said Kevin Carroll, Partner, Southeast Region of Bridge Industrial. “We are pleased to have been able to take advantage of historically low interest rates and lock into an extremely attractive fixed rate.”
Strategically located between Miami-Dade and Broward Counties on a 185-acre site at 4310 NW 215th Street, Bridge Point Commerce Center offers Florida Turnpike frontage with 155,310 cars passing per day. Divisible to 40,000 square feet, the first two buildings in Phase I are 286,991 square feet with 32’ clear ceiling heights and the third is a 534,816-square-foot, cross-dock facility with 36’ clear ceiling heights. Divisible to 80,000 square feet, Phase II features two buildings that are 794,230 square feet each 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.
Bridge is one of South Florida’s most active industrial real estate developers. The company has acquired approximately 500 acres in 16 separate transactions throughout Miami Dade and Broward Counties and delivered approximately 7 million square feet of Class-A industrial space across the region since entering the market in 2012. The company’s current South Florida portfolio spans more than 5 million square feet of company-owned and third-party managed properties with an additional 2.5 million square feet under construction.
For more information about Bridge Point Commerce Center or to schedule a tour, contact CBRE’s Tom O’Loughlin, SIOR at (954) 356-0468 or David C. Albert at (305) 381-6474.