Bridge Development sells Hialeah Gardens warehouses to Duke Realty for $80M

The industrial REIT paid about $120 psf for the new warehouses

Apr.April 24, 2017 01:30 PM

Bridge Point Crossroads East. Inset: Bridge Development Partners founders Ronald Frain and Steven Poulos

Bridge Development Partners sold three new warehouses in Hialeah Gardens for $79.97 million to Indianapolis-based Duke Realty, property records show.

Bridge Development sold its Crossroads East buildings at 15002 and 14802 Northwest 146th Street and its Crossroads South building at 10701 Northwest 140th Street. They total 676,835 square feet, which breaks down to about $120 per square foot, according to a press release.

CBRE’s Chris Riley, Christian Lee and José Lobón represented Bridge Development, a Chicago-based industrial developer in Chicago, Florida, New Jersey and California. Last month, Bridge Development sold its Bridge Point Davie warehouse to TA Realty for $22 million, or $151 per square foot.

The Hialeah Gardens buildings were completed this year, and are near U.S. 27, the Florida Turnpike, State Road 826 and I-75. Bridge Development financed construction of the Hialeah Gardens development with a nearly $16 million loan it closed in March 2016. PAS Cargo inked a lease for more than 88,000 square feet at the Crossroads West warehouse, moving its headquarters from Doral.

Duke Realty, an industrial real estate investment trust, also owns properties in Pompano Beach, Pembroke Pines and West Palm Beach, according to its website.

New industrial development in Miami-Dade pushed the county’s overall vacancy rate up to 4 percent during the first quarter of this year, according to Colliers International South Florida. About 1.35 million square feet of industrial space has been delivered so far this year. A lack of land for new construction has pushed rents up, especially for new Class A flex space.

In Miami-Dade, overall asking rents increased year-over-year in the first quarter by 8.6 percent up to $9.90 per square foot, but declined slightly from the fourth quarter of 2016, according to the Colliers report.

Across the U.S., industrial REITS like Duke Realty have been doing well thanks to the rapid growth of e-commerce.

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