Bridge Investment Group picked up a Deerfield Beach warehouse for $15.2 million.
The Salt Lake City-based commercial real estate investment firm picked up the 73,216-square-foot facility at 1471 West Hillsboro Boulevard. Part of the building is currently leased as a showroom for Dolphin Carpet & Tile, a Doral-based flooring company.
Bridge Investment paid $208 a square foot for the building. Michael Scarpino of Scarpino Commercial Real Estate Services brokered the deal, according to an online listing.
The seller, an affiliate of Clark, New Jersey-based Tucker Enterprises, previously paid $3.8 million for the warehouse in 2015, according to records.
Completed in 1975, the building has three tenant spaces, with one space totaling 30,800 square feet that is currently available, the listing states. The warehouse was renovated in 2016 with new drainage, lighting, painting and a repaved parking lot and truck lot.
Bridge Investment, led by Executive Chairman Robert Morse, has about $31.8 billion in real estate assets under management, according to the publicly traded firm’s website. In South Florida, Bridge Investment is involved in Opportunity Zone projects and owns some of the region’s trophy commercial properties.
The firm is partnering with TSG and Lineaire Group to build Wynwood Haus, a 224-unit multifamily project in a Wynwood Opportunity Zone in Miami. In 2019, Bridge Investment bought Museum Tower, a Class A office building in downtown Miami, for $64.6 million. The same year, the company also bought two other Class A office properties, Doral Square in Doral and Flagler Station in Medley, for a combined $123 million.
South Florida’s industrial market remains one of the most highly competitive sectors in the tri-county region, as institutional investors vie for a dwindling number of properties for sale. Industrial landlords are taking advantage of low vacancy rates and record absorption to push up asking rents, according to a recent JLL report.
Broward County’s industrial segment had its strongest leasing year on record in 2021, as tenants leased 8 million square feet, the report states. The vacancy rate hit 5.5 percent in the most recent quarter, while the average asking rent reached $10.09 a square foot, a jump of roughly $1, year-over-year.