Less than a month after scooping up a Dania Beach logistics facility development site, Bridge Industrial is embarking on another project farther south near Miami-Opa locka Executive Airport.
The Chicago-based company plans to build the 409,189-square-foot Bridge Point Gratigny project just south of the airport and on the southwest corner of Northwest 135th Street and 47th Avenue in unincorporated Miami-Dade County, according to a company news release.
Bridge Industrial scooped up the 26-acre site for $15.6 million by assuming the lease on the land from AA Acquisitions, according to sources. Miami-Dade Aviation Department is the owner, property records show.
Steven Wasserman and Erin Byers of Colliers represented Bridge.
Bridge Point Gratigny will have 106 trailer parking spaces; a fully secured, nonshared truck court; 40-foot clear ceiling height with 54-foot column spacing; 60-foot speed bays; two street-level ramps; and 82 dock-high loading doors, according to the release. It is expected to be completed in early 2024.
Bridge has been betting heavily on South Florida’s industrial market, including in the northwest Miami-Dade County area.
Also near the Miami-Opa locka airport, Bridge completed late last year the three-building Bridge Point AVE warehouse and distribution complex with 589,887 square feet of warehouses and distribution facilities. It’s part of AVE Aviation and Commerce Centre at 14350 Northwest 56th Court.
Since 2012, Bridge has purchased roughly 700 acres in 18 deals in the region. Steve Poulos is the founder and CEO, and Kevin Carroll is partner at Bridge’s Southeast Region.
Miami-Dade’s industrial market is so hot that it led the nation with a 53 percent jump in rents in the first quarter, compared with the same period last year, according to a JLL report.Average asking rents hit $13.50 a square foot in the county as of late June.
The robust market has prompted not only new development but also an active investment sales season.
In June, Ares Management paid $62 million for two warehouses under construction at 410 West 104th Street and an adjacent lot within the master-planned Countyline Corporate Park in Hialeah.
In April, Bridge scored a $154 million loan to complete construction of the second phase of the Bridge Point Commerce Center at 4310 Northwest 215th Street in Miami Gardens.
For its Dania Beach project, Bridge plans the 170,892-square-foot Bridge Point Port Everglades on a 22.4-acre site at 2200 Northeast Seventh Avenue. In June, it bought the site for $20 million from Park ‘N Fly, an airport parking protrider that used to occupy the property.
Overall, Bridge has completed or is building more than 10 million square feet of industrial space across South Florida, according to the release.
Source: The Real Deal