Bridge Development Partners secured the financing for another speculative industrial project in Fort Lauderdale.
The Chicago-based developer scored a $13.5 million construction loan to develop its Bridge Point FLL Logistics Center, which when complete will span two buildings and 174,129 square feet.
Wells Fargo provided the financing. CBRE’s Steve Roth advised on the deal, according to a statement. Bridge Development paid $5.65 million for the shuttered, 10.2-acre school site in June. The Broward County school board was the seller.
Bridge Point FLL Logistics Center will feature a 92,165-square-foot building and an 82,000-square-foot building. It will include 32-foot clear ceiling heights and rear-dock loading. CBRE’s Tom O’Loughlin and Larry Genet will handle leasing.
Bridge Development plans to complete the project by the third quarter of 2019. It’s located just north of I-595, across from Fort Lauderdale International Airport.
Later this month, the developer will complete another spec Fort Lauderdale industrial project spanning 221,542 square feet. Bridge Point Riverbend, at 201 Northwest 22nd Avenue, is being developed in partnership with Akard Street Partners, Banner Oak Capital Partners and Elion Partners.
The developer recently grabbed logistics company ShipMonk to ink a 170,447-square-foot, long-term lease at the building.
Bridge Development has nearly 2 million square feet of new industrial space underway in South Florida. In addition to the logistics center and Bridge Point Riverbend, current projects include Bridge Point Commerce Center in Miami Gardens, the company’s largest South Florida project to date with 2.1 million square feet; and Bridge Point Powerline, a 467,832-square-foot industrial park in Pompano Beach.