Bridge Development Partners paid $36.9 million for a 34.1-acre site in Davie where it plans to build three Class A industrial facilities.
Chicago-based Bridge Development bought the property at 5600 Reese Road for more than $1 million per acre, records show. Forman Industrial Land sold the property.
Berger Commercial Realty represented the seller.
Bridge Development will break ground next month on the development to be called Bridge Point 595. The development will have three industrial facilities totaling 677,314 square feet, according to a release.
Buildings 1 and 2 will each total 290,295 square feet, while Building 3 will total 96,724 square feet. The project is scheduled for completion in the third quarter of 2020.
Since 2012, Bridge Development has acquired 362 acres throughout Miami Dade and Broward counties and delivered more than 2 million square feet of Class-A industrial space across the region, according to the release.
In Broward, the industrial sector remains one of the area’s hottest asset classes.
According to Colliers International South Florida, 611,771 square feet of new industrial space was delivered in the first quarter in Broward County. This raised the vacancy rate to 4.1 percent, a 0.6 percent increase from the previous quarter.