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Bridge’s big bet in Doral: Industrial developer plans 2.6M sf spec project
Plan is for up to six buildings, ranging from 165K sf to 900K sf
Bridge Industrial is embarking on at least its third South Florida development since June, planning a 175-acre, speculative logistics campus in Doral.
Chicago-based Bridge plans a roughly 2.6 million-square-foot project on the southwest corner of Northwest 107th Avenue and Northwest 41st Street, according to the developer’s news release. The land is west of Miami International Airport and east of the Florida Turnpike ramps.
The preliminary plan for the project, called Bridge Point Doral, is for six buildings, each ranging from 165,000 square feet to 900,000 square feet. Some buildings could be combined to allow for 1.4 million square feet of built-to-suit space, according to a Bridge spokesperson. The vacant property includes 10 acres on the northeast corner slated for retail or other commercial uses.
The first building is expected to be completed late next year.
In December, Bridge bought the land from Charles Lemon and Claudia Lemon Cook for an undisclosed price, according to a deed, showing a nominal $100 amount. Bridge declined to disclose the actual amount.
The prolific industrial developer also is embarking on the 409,189-square-foot Bridge Point Gratigny south of the Miami-Opa locka Executive Airport and on the southwest corner of Northwest 135th Street and 47th Avenue in unincorporated Miami-Dade County. Bridge paid $15.6 million this month to assume the ground lease of the 26-acre site.
In Dania Beach, Bridge wants to build the 170,892-square-foot Bridge Point Port Everglades on the former Park ‘N Fly airport parking site at 2200 Northeast Seventh Avenue.
Park ‘N Fly sold the 22.4-acre property between Fort Lauderdale-Hollywood International Airport and Port Everglades last month for $20 million.
Bridge has been betting big on South Florida’s robust industrial market since 2012, scooping up roughly 700 acres, according to the release. It has completed or is building over 10 million square feet of real estate. Steve Poulos is CEO and Kevin Carroll is the partner for the Southeast region.
The industrial market is prospering because of high demand, partly created by e-commerce growth. More than 1 million square feet of industrial space was completed in the second quarter in Miami-Dade County, according to a Colliers report. Yet, the vacancy rate dropped to a record low of 2.3 percent, and the asking rent increased 5.6 percent, year-over-year, to $11.88 per square foot.
Doral has captured some of the investment sales and development activity. Late last year, Santa Monica, California-based GLP Capital Partners scored a $64.2 million construction loan for for the three-building Modlo Air Logistics Center on the former site of PepsiCo’s regional headquarters and bottling plant at 7777 Northwest 41st Street.
Seagis Property Group, a hefty investor in regional industrial real estate, paid $28.6 million for more than 6 million square feet of warehouses at 3075 Northwest 107th Avenue and at 9700 Northwest 17th Street in Doral in December.