BRIDGE Closes On $78.24 M Financing For Bridge Point AVE
Bridge Development Partners (“BRIDGE”), a privately-owned development and acquisition firm of Class-A industrial properties, announced it has secured $78.24 million in financing to develop Bridge Point AVE at Miami-Opa Locka Executive Airport.
The three-building, 589,887-square-foot industrial business park is more than 72 percent preleased and on schedule to be delivered in the third quarter of 2021.
The loan was issued by Canadian Imperial Bank of Commerce (CIBC) and secured by Steve Roth of CBRE’s Debt & Structured Finance team.
“We fast tracked the development of Bridge Point AVE to meet local market demand for well located, Class-A warehouse and distribution space,” said Kevin Carroll, Partner, Southeast Region for BRIDGE. “We are on schedule for a third-quarter delivery, having nearly completed Building 1 and tilted the walls on Buildings 2 and 3. Fueled by the unprecedented growth in the e-commerce sector, the overall market response to Bridge Point AVE has been extremely positive with preleasing activity exceeding our expectations.”
BRIDGE acquired the nearly 50-acre, Bridge Point AVE development site in late 2019. Strategically located within the master-planned AVE, Aviation and Commerce Centre, Bridge Point AVE is a three-building, Class-A industrial business park. Building 1, located at 5590 NW 145th St, consists of 199,800 square feet; Building 2, located at 14150 NW 56th Ct, consists of 110,588 square feet; and Building 3, located at 14250 Aviation Drive, consists of 279,499 square feet. All three buildings feature modern amenities to maximize efficiency, plus an ESFR suppression system.
Conveniently located in central Miami-Dade County, Bridge Point AVE is surrounded by Florida’s major expressways connecting it to the furthest parts of South Florida’s tri-county region in under an hour and a half. The Palmetto Expressway to the north and the Gratigny Parkway to the south serve as direct connections to the Turnpike, Interstate 95, and Interstate 75.
BRIDGE, one of South Florida’s most active industrial real estate developers, has acquired 493 acres in 16 separate transactions throughout Miami Dade and Broward Counties and delivered approximately 7 million square feet of Class-A industrial space across the region since entering the market in 2012. The company’s current South Florida portfolio spans more than 3 million square feet.
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