Bridge Development Partners scored a 114,808-square-foot lease with a grocery distributor to the Caribbean and Latin America at Bridge Point Commerce Center in Miami Gardens.
Chicago-based Bridge Development, which is one of the largest industrial developers in South Florida, inked the lease with HapCor for Phase 1 of the industrial park at 3900 Northwest 215th Street in Miami Gardens. Phase 1 was completed last month and totals 1.1 million square feet, according to a press release.
HapCor will be moving its corporate headquarters from Miramar Park of Commerce into Bridge Point Commerce Center.
CBRE’s Tom O’Loughlin and David C. Albert represented Bridge Development in the deal. Avison Young’s Tom Viscount and Wayne Schuchts represented the tenant.
Bridge Point Commerce Center will total 2.1 million square feet at full build-out. It sits on a 185-acre site off the Florida Turnpike. Phase I features three Class-A industrial buildings. The first two buildings total 286,991 square feet and the third is 534,816 square feet.
Since 2012, Bridge has acquired 473 acres of property throughout Miami Dade and Broward counties. It has delivered more than 4 million square feet of Class A industrial space across South Florida. Overall, the company’s portfolio spans more than 3 million square feet, according to the release.
South Florida’s industrial market is one of the area’s hottest real estate asset classes. Due to its close proximity to Latin America and the explosion of e-commerce, institutional investors are betting big on the industrial market, causing prices to rise significantly.
In Miami-Dade County, industrial completions reached an all-time high in 2019, according to a recent report by Avision Young. Over 5.6 million square feet of industrial space was added to the market, increasing local inventory by nearly 3 percent.