Ryder System Sells its Miami-Dade HQ to Bridge Industrial

Logistics giant Ryder System sold its Miami-Dade headquarters for $42.1 million, as it plans to move to a smaller office elsewhere in the county.

In a sale-leaseback deal, Bridge Industrial bought the nearly 250,000-square-foot office building at 11690 Northwest 105th Street in an unincorporated area of northwest Miami-Dade County, and rented it out to the seller for a one-year term, according to a Ryder news release.

Hermen Rodriguez, Luis Castillo and Matthew McCormack of JLL represented the seller.

Ryder, which was founded in Miami 90 years ago, has been based at the property since 2005.

The building, completed in 2005, sits on 16.8 acres, according to records. Ryder bought it in 2014 for $42 million, so it sold for the same price nine years later.

Ryder plans to move into a smaller space that can better accommodate the hybrid-work model that many of its employees have embraced, allowing them to work from home part of the time and from the office for the rest, the release says. The logistics firm has been scoping out possible new offices in Coral Gables and nearby areas, according to the release.

Over the past two years, South Florida has experienced healthy office leasing amid an influx of out-of-state tenants. But Ryder’s impending move shows the regional market isn’t immune to increases in vacancies, as tenants downsize to accommodate the growing remote-work trend.

Ryder offers supply-chain, fleet-management, warehousing and distribution, last-mile fulfillment and other logistics services. It has more than 48,000 employees nationwide, including roughly 800 based in South Florida, according to the release. The late Jim Ryder founded the firm in 1933. Robert Sanchez is the current CEO.

Bridge is expected to redevelop the site, as late last year it filed a pre-application for a 330,000-square-foot warehouse project called Bridge Point Miami Station, according to media reports.

The Chicago-based firm, led by Steve Poulos, has been a prolific player in South Florida’s industrial market, where it has completed or is developing more than 10 million square feet of real estate.

Last year, it paid $26.3 million for a pair of warehouses at 16175 Northwest 49th Avenue and 16250 Northwest 48th Avenue at the Palmetto Lakes Industrial Park in Miami Gardens.

Also in Miami Gardens, Bridge is developing the second two-building phase of the Bridge Point Commerce Center at 4310 Northwest 215th Street.