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Bridge Development sells Fort Lauderdale warehouses for $28M
An affiliate of Morgan Stanley bought the properties
Bridge Development Partners sells two warehouses near Port Everglades in Fort Lauderdale for $28 million to an entity that lists its address as Morgan Stanley Private Wealth Advisors in Chicago.
Chicago-based Bridge Development sold the 174,129-square-foot properties at 3233-3303 Southwest 12th Avenue for $161 per square foot, records show. The property spans 10.2 acres.
In 2018, Bridge paid $5.67 million for the land to build the warehouses, records show.
Bridge Development has acquired or developed and sold more than $4.9 billion of real estate since 2013, according to its website.
The company is one of the most aggressive acquirers of industrial properties in South Florida, as the area has become a hub for logistics and e-commerce.
In July, 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.
In October, Bridge Development was involved in one of the area’s largest deals. A joint venture between BentallGreenOak and Bridge Development bought most of a mixed-use business park next to Opa-locka Executive Airport for $126 million.
The industrial market in South Florida has surged in recent years in part due to an increase in institutional interest from firms like Blackstone and Bridge Development. This has led to an uptick in new construction across the area, especially in Broward County.
In 2019, nearly 2.7 million square feet of industrial space was completed in Broward County. It was the largest amount of completions in a single year since 2002, according to a report by Avison Young. The overall average asking rent rose to $9.75 per square foot at year-end 2019, up 5.2 percent from year-end 2018.