Bridge Development Partners, a Chicago-based real estate investment firm, has closed on its second land acquisition in 30 days.
Bridge snapped up a 16.5-acre industrial zoned land parcel in Dania Beach. In July, Bridge Bridge acquired a 15-acre plot of industrially zoned land in Port 95 Commerce Park.
“We’ve carved out a niche in Dania Beach which will separate us from new construction under development in Broward County,” says Kevin Carroll, principal with Bridge in Miami. “With our second land acquisition, our positioning and timing will enable us to fill an important need for new class A construction, asindustrial space in Florida is absorbed at a rapid rate.”
The robust industrial market is evidenced by 620,000 square feet of positive absorption year-to-date. In anticipation of the Panama Canal expansion, South Florida has promoted economic growth, international trade, and infrastructure improvements. Bridge Point tenants will realize those benefits, as well as a location next to the Fort Lauderdale Airport/Hollywood International Airport, and direct access to Interstate 95 and Interstate 595.
With a focus on tenants ranging from 20,000 to 100,000 square feet—recently the most active in the market—Bridge will construct a class-A industrial building totaling 189,000 square feet on the site, featuring 32-foot clear heights, dock high loading, and ESFR Sprinkler Systems.
The development will be less than a mile from Bridge Point Port 95, Bridge Development Partner’s two-building 230,000 square foot project to be developed upon its first land acquisition located at 2650 SW 36th Street, adjacent to Port 95.
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