Bridge Development Sells Industrial Assets in Miami
- Mar 17, 2017
Miami—Bridge Development Partners has completed the sale of two Class A industrial buildings: Bridge Point Davie at 3501 Burris Road in Davie, Fla., and Bridge Point Crossroads West at 10901 NW 46th St. in Hialeah Gardens, Fla. TA Realty purchased the assets for $53.7 million.
CBRE’s Capital Markets team led by Chris Riley, vice chairman in Atlanta; Christian Lee, vice chairman in Miami and Jose Antonio Lobon, senior vice president in Miami, represented Bridge Development in the sale.
Bridge Point Davie offers 145,800 square feet of space across a 9.75-acre site. With tenants such as Pet Supermarkets and Challenge Warehouse, the asset includes 32-foot clear ceiling heights, state-of-the-art ESFR fire suppression systems and leasing bay sizes of 12,150 square feet.
Bridge Point Crossroads West is home to tenants such as Ace Transport and Pas Cargo within its 243,300-square-foot space. The building features rear-load warehouse bays from 21,000 square feet, 32-foot clear ceiling heights, 54-foot column spacings, T-5 energy-efficient lighting, 120-foot truck courts and an ESFR fire sprinkler system.
Since entering the South Florida market in 2012, the company has delivered 1 million square feet of Class-A industrial space, with an additional 1 million square feet currently under construction and slated for completion in early 2017.
“Institutional owners remain bullish on South Florida,” said Kevin Carroll, a principal of Bridge Development Partners’ Miami office, in prepared remarks. “Fueling this demand is strong market fundamentals combined with limited purchase opportunities of well-located, investment-grade properties, such as Bridge Point Davie and Bridge Point Crossroads West.”
Image courtesy of Bridge Development Partners