Bridge Industrial landed a $53 million construction loan to redevelop Ryder System’s former headquarters site in Miami-Dade County with a logistics complex.
Chicago-based Bridge plans the 326,400-square-foot Bridge Point Flagler Station with a 128,800-square-foot building and a 197,600-square-foot building at 11690 Northwest 105th Street in an unincorporated area of the county, according to the developer’s news release. The project is expected to be completed in the third quarter of next year, the release says.
Quebec-based global investment firm Caisse de dépôt et placement du Québec, or CDPQ, provided the loan.
Steve Roth and Bill Jurjovec led the CBRE team that represented the borrower.
Bridge, a prolific South Florida industrial developer, bought the 16.8-acre site last year from homegrown logistics giant Ryder for $42.1 million. Ryder was founded in Miami in 1933 by the late Jim Ryder and had been based at the Miami-Dade site since 2005.
Ryder leased back the site for about a year and then moved to a smaller 40,000-square-foot headquarters at the Colonnade building at 2333 Ponce de Leon Boulevard in Coral Gables.
Bridge’s South Florida investment spans 11 million square feet across completed and under construction projects, according to the release. Since 2012, the firm has bought more than 740 acres in the tri-county region.
Last year, Bridge scored a $60 million construction loan for the 409,200-square-foot Bridge Point Gratigny logistics facility on the corner of Northwest 135th Street and Northwest 47th Avenue next to Miami-Opa Locka Executive Airport.
Steve Poulos is CEO of Bridge, and Kevin Carroll is the firm’s Southeast Region partner.
Bridge’s project on the former Ryder headquarters is part of a growing trend across South Florida of office redevelopment. As longtime regional companies downsize due to remote work, their suburban office campuses have become poised for redevelopment.
In Boca Raton, BH Group, Pebb Enterprises and Related Group plan a mixed-use project on a portion of an office campus formerly known as Office Depot’s headquarters. The plan is for more than 500 apartments and a 36,700-square-foot gym, while two existing office buildings will be renovated. The campus is at 6600 North Military Trail.
South Florida’s industrial market has continued to chug along, despite elevated interest rates and economic uncertainty. This month, Blackstone subsidiary Link Logistics landed a $95 million loan for the four-building Palmetto 74 Logistics Center at 8100 and 8130 Northwest 74th Court in Medley. Link Logistics completed the project last year.
In April, BBX Capital’s logistics arm and PCCP scored a $31.1 million construction loan for a 200,000-square-foot warehouse, which will be the first of three buildings at a planned industrial park at 9773 and 9863 Happy Hollow Road in Delray Beach.