Duke Realty Grows South Florida Industrial Portfolio
- May 04, 2017
Duke Realty Corp. has increased its South Florida portfolio with the acquisition of three industrial properties in the Hialeah Gardens submarket of Miami. Totaling 676,835 square feet, the newly completed properties will be named Miami Industrial Logistics Center.
Public records show that the buildings changed hands through two separate transactions in an approximately $80 million deal. Bridge HG One LLC and Bridge HG South LLC, affiliates of Chicago-based Bridge Development Partners, were the sellers. Bridge Development Partners developed the project, previously called Bridge Point Crossroads East and South.
Located on the east side of Florida’s Turnpike at U.S. 27, the buildings feature modern facilities with 32-foot clear heights, 60-foot speed bays, large truck courts and ample parking. The properties separately will be dubbed Miami Industrial Logistics Center 10701, situated at 10701 NW 140th St. (255,846 square feet), Miami Industrial Logistics Center 14802 at 14802 NW 107th Ave. (209,232 square feet), and Miami Industrial Logistics Center 15002 at 15002 NW 107th Ave. (211,757 square feet).
“This acquisition is another step in Duke Realty’s ongoing strategy to increase its investment in industrial assets in key distribution markets,” said Ed Mitchell, senior vice president of Duke Realty’s Florida operations. “South Florida continues to be a strong industrial market because of the burgeoning population in this part of the country and the influx of goods coming into and out of the ports. These properties are first-class, brand new buildings with excellent access to the Turnpike and I-75, making them excellent additions to our local portfolio,” he added.
Duke’s Vice President of Leasing Stephanie Rodriguez will lead the leasing efforts, as all three facilities are shell complete and available for lease. Specializing in the ownership, management and development of industrial facilities, this transaction raises Duke’s South Florida market to 5.9 million square feet.
Image courtesy of Bridge Development Partners