Bridge Development scores $32M construction loan for spec industrial park in Pompano Beach

Industrial developer also broke ground on the 465k sf development

Miami /
Apr.April 17, 2018 01:30 PM

Development Partners and Kevin Carroll (Credit: Bridge Development Partners)

Bridge Development Partners just scored a $32.1 million construction loan and broke ground on a speculative industrial park in Pompano Beach, property records show.

Bridge Point Powerline Road is being built on a 40-acre site between the Florida Turnpike and I-95 at 1951 North Powerline Road, previously owned by Waste Management Inc. Records show the Chicago developer paid about $12.3 million for the property, which included a 150,000-square-foot warehouse fronting Powerline Road, late last year.

Webster Bank is the lender. CBRE’s Steve Roth arranged the financing for the developer.

Once completed, the 468,000-square-foot project will feature three buildings, two of which will total about 173,000 square feet each and share a 180-foot truck court. The third will span about 122,000 square feet and feature a 120-foot truck court. Bridge Development plans to complete the project by the first quarter of 2019, according to a press release.

Bridge is building several spec industrial parks in South Florida, including Bridge Point Commerce Center on a 185-acre site in Miami Gardens and a distribution facility in Fort Lauderdale called Bridge Point Riverbend.


Related Articles

arrow_forward_ios
Dan Deitchman and Koby Assaraf with a rendering of Industry | Oakland Park
Oakland Park developer partners with former Link Real Estate exec on new firm
Oakland Park developer partners with former Link Real Estate exec on new firm
Alex Rosemurgy and 2350 to 2390 North Federal Highway (Twitter, Google Maps)
Rosemurgy sells Pompano Beach shopping center for $10M
Rosemurgy sells Pompano Beach shopping center for $10M
Clockwise from top left: Sterling's Fred Wilpon, Merrimac's Dev Motwani Alliance's Bruce Ward and Carlyle's Kewsong Lee with 1333 South Ocean Boulevard, Pompano (Getty)
Sterling Equities pays $95M for Pompano Beach apartments
Sterling Equities pays $95M for Pompano Beach apartments
Renderings of the project (Group P6)
Group P6 lands $69M construction loan for Boca Raton project
Group P6 lands $69M construction loan for Boca Raton project
Shlomo Khoudari and Justin Bennett with 3141 Southwest 10th Street in Pompano (Google Maps)
Shifting gears: Elion Partners pays $12M for Pompano Beach auto parts distribution center
Shifting gears: Elion Partners pays $12M for Pompano Beach auto parts distribution center
Christopher Longsworth and Josh Zegen, with Envy is at 475 SE 1st St, Pompano Beach
Invesca lands $50M refi on Pompano Beach apartments
Invesca lands $50M refi on Pompano Beach apartments
Mark Corlew, Anuj Grover, and a rendering of Pompano Station
Grover Corlew’s Pompano Beach multifamily project advances
Grover Corlew’s Pompano Beach multifamily project advances
Alex Sapir and Bella Sapir (Credit: Mark Von Holden/WireImage via Getty Images, and ADRIEL REBOH/Patrick McMullan via Getty Images)
Alex Sapir’s family closes on condos at Sapir’s Arte in Surfside
Alex Sapir’s family closes on condos at Sapir’s Arte in Surfside
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...