Bridge Industrial continues stacking up warehouse sites in Miami-Dade County, acquiring a Doral business park for $45.4 million.
An affiliate of Chicago-based Bridge, led by CEO Steve Poulos, acquired Corporate Park of Doral at 7705 Northwest 48th Street, records and real estate database Vizzda show. Sitting on 15.7 acres, the complex consists of eight buildings with a combined 192,800 square feet of industrial space.
The deal breaks down to roughly $235 per square foot.
The seller, an entity managed by Richard and Warren Zinn in Miami, paid $7.8 million for Corporate Park of Doral in 2010, records show. Completed in 1972, the warehouses are near Miami International Airport.
Bridge’s latest acquisition comes on the heels of the firm landing a $53 million construction loan to redevelop Ryder System’s former headquarters site in Miami-Dade County. Last month, Quebec-based global investment firm Caisse de dépôt et placement du Québec, or CDPQ, provided the financing for Bridge Point Flagler Station. The project, consisting of two planned warehouses with a combined 326,800 square feet, is expected to be completed next year.
Bridge is also developing Bridge Point Doral, a 2.6-million-square-foot complex of six industrial buildings on the southwest corner of Northwest 107th Avenue and Northwest 41st Street. The developer broke ground on the project last year.
Near Miami-Opa-Locka Executive Airport, Bridge recently completed a 409,189-square-foot industrial facility. In 2022, the firm acquired the 26-acre site for $15.6 million.
South Florida industrial market’s fourth quarter is off to a hot start with a handful of trades totaling more than $200 million. Recently, Los Angeles-based Ares Management notched the biggest industrial purchase of 2024 to date. The firm paid $147 million for Miami Midway Park, a complex of four recently completed warehouses in Miami Lakes.
Other recent deals include Darien, Connecticut-based East Capital Partners acquiring a warehouse complex near Aventura for $48 million, and Ladera Ranch, California-based SmartStop scooping up a recently completed self-storage facility in North Miami for $30.8 million.