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Bridge Industrial nabs $154M construction loan for Miami Gardens project
Firm will use funds to build 1.6M sf of warehouse space
Bridge Industrial got a major boost for its Miami Gardens business park development with a $154 million loan to complete construction of nearly 1.6 million square feet of new warehouse space.
The financing is for the development of two Class A industrial buildings, representing the second phase of Bridge Point Commerce Center at 4310 Northwest 215th Street, according to a press release. The site abuts the Florida Turnpike.
Steve Roth with CBRE secured the CIBC Bank USA loan for Bridge Industrial, a Chicago-based firm led by founder and CEO Steve Poulos.
The project is expected to be completed in the third quarter of 2023, the release states. The new buildings could lease up quickly due to surging tenant demand for industrial space in Miami-Dade County, where net absorption is outpacing new inventory, according to a recent JLL report.
In 2017, Bridge Industrial paid $28.2 million for a 185-acre development site that includes the commerce center’s first phase, completed in 2019. It consists of three buildings totaling 1.1 million square feet of industrial space on 91 acres, records show. The first phase is fully leased. Tenants include City Furniture and grocery distributor HapCor, the release states.
The two new buildings, divided into 794,230 square feet each, and with 36-foot clearing heights, will be developed on 94 acres adjacent to the first phase, and which is part of the 185-acre property. Once completed, Bridge Point Commerce Center will have 2.7 million square feet of industrial space.
Bridge Industrial is among the more active national warehouse-focused developers and investors in South Florida. Recently, the firm and its partner, PGIM Real Estate, leased an entire cold storage speculative project in Hialeah to food logistics company FreezPak. After paying $11 million for the development site in 2020, the joint venture secured a $67 million loan to build the 312,103-square-foot facility.
In December, Bridge Industrial paid $46.3 million for the Pompano Beach Commerce Park industrial complex. Also last year, Bridge Industrial sold a Miramar distribution center the firm renovated to Cabot Properties for $72 million.