Bridge Development Partners acquired a 20-acre site in Hialeah Gardens that will allow its industrial park project in the area to exceed 920,000 square feet.
Cushman & Wakefield’s Wayne Ramoski and Gian Rodriguez represented Bridge HG South, an affiliate of the Chicago-based developer, in the $7.05 million purchase of the property from Miami-based CAC Real Estate.
The property last traded for $1.225 million in two deals in 2000 and 2011. It’s located on the west side of Northwest 107th Avenue just north of Northwest 138th Street.
Bridge Development now owns 65 acres in three non-contiguous sites in Hialeah Gardens, an industrial area in northwest Miami-Dade County. They will house four industrial buildings called Bridge Point Crossroads (BPC).
“We’ve acquired close to 100 acres in South Florida over the last 18 months, recently delivered a series of buildings in Broward, and we just started turning dirt on BPC West,” Bridge Development South Florida Principal Kevin Carroll said.
BPC West is planned for 242,000 square feet and should be ready in mid-2016. It will have rear-load warehouse bays from 21,000 square feet and a clear ceiling height of 32 feet.
“To represent a project that marries a seasoned development team with a site offering superior transportation logistics is always a thrill,” Ramoski said. “With the ground breaking behind us, our first building will be completed shortly.”
According to Cushman & Wakefield’s second quarter industrial report for Miami-Dade County, there’s 1.31 million square feet under development, with Hialeah Gardens seeing the most activity at 663,236 square feet. The industrial property vacancy rate in Hialeah Gardens was a mere 3.6 percent, compared to the county total of 6.3 percent.
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