Bridge Development Buys 17 Acres in Florida to Build Industrial Facility
- Jul 07, 2014
Bridge Development Partners makes plans for its third speculative industrial project in South Florida in less than one year with the acquisition of 17 acres in Hialeah Gardens, Fla. The site in Miami-Dade County will become home to Bridge Point Crossroads West, a 242,000-square-foot office/warehouse facility. Bridge snapped up the land from a local family.
The project will sprout up near NW 112th Ave. and 146th St., offering state-of-the-art accommodations approximately 15 miles northwest of Miami and within close proximity of Florida’s turnpike.
The land deal, which was orchestrated by commercial real estate services firm Cushman & Wakefield on Bridge’s behalf, follows the real estate company’s acquisition of two properties for the development of the 189,000-square-foot Bridge Point Marina Mile in Dania Beach in neighboring Broward County, and the purchase of land for the 230,000-square-foot Bridge Point Port 95, also in Dania Beach.
“We have selected growth markets in key areas where we are seeing a healthy demand for quality new Class A industrial facilities and this location fits that strategy,” Kevin Carroll, principal with Bridge, noted in a prepared statement.
Demand for industrial space in the Miami-Dade area is strong, prompted by anticipated growth with the expansion of the Panama Canal and the drudging of the Port of Miami, Bridge Development told Commercial Property Executive. The Hialeah Gardens industrial market boasted an occupancy level of just 5.3 percent in the first quarter, according to a C&W report. The industrial inventory in the submarket totals just 2.5 million square feet and there is no hint of overdevelopment in the near future. No projects were under construction or had reached completion during first quarter, as was the case in the final quarter of 2013.
As Bridge Development told CPE, the lack of developable land in Hialeah Gardens is a key factor for supply in the submarket.
Bridge expects to complete development of Bridge Point Crossroads West in the fourth quarter of 2015.