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Bridge Development scores $78M construction loan for Opa-locka industrial park
Three-building complex is expected to be completed in the third quarter
A three-building industrial complex west of Miami-Opa Locka Executive Airport is on its way to completion in the third quarter, after scoring a $78.3 million construction loan.
Chicago-based Bridge Development Partners, one of the biggest industrial builders with heavy investments in South Florida, secured the financing for Bridge Point AVE from Canadian Imperial Bank of Commerce, according to a press release.
The Class A three-building warehouse and distribution complex will total 589,887 square feet. It’s 72 percent pre-leased.
Bridge Point AVE spans 47 acres, as part of the 178-acre master-planned AVE, Aviation and Commerce Centre at 14350 Northwest 56th Court.
Bridge Development, led by founder Steve Poulos, bought the majority of the mixed-use business park in October 2019 by acquiring the land lease from CPF Investment Group for $126 million. Miami-Dade County owns the land.
The commerce park is west of Opa-locka and on the northeast corner of the Gratigny Parkway and Red Road. The area is a major industrial hub, as Amazon has a new 800,000-square-foot fulfillment facility nearby.
While some other classes of properties took a hit over the past year, industrial is experiencing a boom as a result of e-commerce.
Due to pent-up demand, construction of Bridge Point AVE was accelerated, with the first building nearly done, Bridge’s Southeast Region partner Kevin Carroll said in the release.
The first building is a 99,800-square-foot facility at 5590 Northwest 145th Street. The second will be a 110,588-square-foot building at 14150 Northwest 56th Court, and the third will be a 279,499-square-foot building at 14250 Aviation Drive.
The remainder of Bridge’s holdings at the AVE park includes fully leased built-out space that includes a 478,000-square-foot USPS facility; an Off Lease Only car wholesaler on 15 acres; and a three-building, 470,000-square-foot complex with multiple tenants. Some of the tenants are Turbopower, Boar’s Head, Johnson Controls, Rolls-Royce and Herbalife.
Bridge Development has heavy investments in South Florida, where it has developed more than 7 million square feet of industrial space since 2012, according to the release.
Most recently, it scored a $67 million construction loan with its joint venture partner PGIM Real Estate for a spec cold storage project in Hialeah.
Other developers are getting in on the hot industrial market. Easton Capital recently scored a $12 million construction loan for a Doral spec warehouse.