Bridge Industrial nabs $154M construction loan for Miami Gardens project

Firm will use funds to build 1.6M sf of warehouse space

Miami /
Apr.April 29, 2022 02:29 PM
Bridge Industrial founder and CEO Steve Poulos and the development site at 4310 NW 215th Street (Bridge Industrial)

Bridge Industrial founder and CEO Steve Poulos and the development site at 4310 NW 215th Street (Bridge Industrial)

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.





    Related Articles

    arrow_forward_ios
    rendering of the Nautilus 220 condo project with Developers Daniel Kodsi of Royal Palm Companies and Peter Baytarian, managing partner at Forest Development (LinkedIn, Forest Development, VS Studios)
    Forest Development, Royal Palm nab $269M condo construction loan
    Forest Development, Royal Palm nab $269M condo construction loan
    Ilya Karpov with 3026 North Bay Road
    Russian mogul Ilya Karpov buys waterfront North Bay Road home for $14M
    Russian mogul Ilya Karpov buys waterfront North Bay Road home for $14M
    5700 Sunset Drive, 19M
    Sunrise investors buy South Miami retail building for $19M
    Sunrise investors buy South Miami retail building for $19M
    IMC Equity's Yorham Izhak with Festival Flea Market
    Festival Flea Market Mall in Pompano Beach to be replaced with warehouses
    Festival Flea Market Mall in Pompano Beach to be replaced with warehouses
    Location Ventures founder and CEO Rishi Kapoor with a rendering of the Location Ventures proposed project on the left and a rendering of Codina Partners’ Regency Tower project on the right (Hamed Rodriguez Architect, Nichols Brosch Wurst Wolfe & Associates and Codina Partners, Location Ventures)
    Coral Gables OKs Armando Codina’s rental tower, Location Ventures’ condos
    Coral Gables OKs Armando Codina’s rental tower, Location Ventures’ condos
    US HUD Secretary Marcia Fudge (Getty, iStock)
    A heavy crown: HUD secretary declares Miami “epicenter” of nation’s housing crisis
    A heavy crown: HUD secretary declares Miami “epicenter” of nation’s housing crisis
    The Park at Sheffield apartment complex at 15601 Southwest 137th Avenue in southern Miami-Dade County (Google Maps, The Park at Sheffield)
    Fruchtlanders pay $61.5M for apartment complex near Zoo Miami
    Fruchtlanders pay $61.5M for apartment complex near Zoo Miami
    The Oceana in Key Biscayne (Condo.com, iStock)
    Oceana Key Biscayne closing tops Miami-Dade’s weekly condo sales
    Oceana Key Biscayne closing tops Miami-Dade’s weekly condo sales
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...