Bridge Development Partners plans to build a three-story, 677,314 square meter industrial facility in Davie. (Rendering)
Productive industrial builder Bridge Development Partners LLC bought 34 vacant acres for $ 36.9 million to build a three-building center in Davie.
Bridge Point 595 is located southwest of Interstate 595 and the Turnpike in Florida. The 677,314 square meter industrial park is scheduled to open in the third quarter of 2020. Two buildings will each be 290,295 square feet and the third will be 96,724 square feet.
Chicago-based Bridge Development bought the land from Forman Industrial Land LLC, a subsidiary of the Forman family, whose late Patriarch Hamilton Forman was a well-known South Florida landowner who ventured into real estate projects.
Bridge Point 595 addresses the healthy industrial market in South Florida, which has some of the lowest vacancy rates of any asset class. Population growth, e-commerce and the lack of large packages are fueling the sector.
This has increased interest from institutional investors who have bought properties and encouraged traders who are building to sell.
Miami-Dade and Broward counties have added 2 million square feet since 2012.
Bridge recently sold its 221,815 square foot Bridge Point Riverbend just west of Interstate 95 in Fort Lauderdale for $ 38.2 million to institutional investor ASB Capital Management LLC.
Other projects include the Bridge Point Commerce Center, a huge industrial project spanning 185 acres southwest of Florida's Turnpike Extension, and Northwest 47th Avenue in Miami Gardens. Phase one, covering 1.1 million square feet, will be completed by the end of the month. Future phases will bring the total size to 2.1 million square feet.
The Bridge Point Riverbend Industrial Center in Fort Lauderdale is being sold for $ 38 million
South Florida sees an increase in institutional REIT industrial investment