Bridge Industrial Secures $154M Construction Loan For Phase II Of Bridge Point Commerce Center
Bridge Industrial (“Bridge”), a privately-owned, vertically integrated real estate operating company and investment manager, announced it has secured $153.5 million in financing to complete the construction of Phase II of its highly anticipated Bridge Point Commerce Center project in Miami Gardens.
Consisting of two Class-A industrial buildings totaling nearly 1.6 million square feet of space, Phase II Is on track to be delivered in the third quarter of 2023.
The loan, issued by CIBC Bank USA, was secured by Steve Roth of CBRE’s Debt and Structured Finance team.
“CIBC Bank came through again with great execution,” said Kevin Carroll, Partner, Southeast Region of Bridge Industrial. “They have become an invaluable partner here in South Florida, and we look forward to continuing our relationship. Now that we’ve fully leased Phase I and have financing in place, we can focus all of our attention on bringing Phase II to full occupancy.”
Strategically located between Miami-Dade and Broward Counties on a 186-acre site at 4310 NW 215th Street, Bridge Point Commerce Center is a Class-A industrial park that will encompass 2.7 million square feet at full build out. The business park offers Florida Turnpike frontage with 155,310 cars passing per day. Phase I, consisting of three buildings totaling 1.1 million square feet of industrial space, was delivered in 2019 and is fully leased to a prestigious list of tenants including CITY Furniture, one of Florida’s largest home furnishing retailers, and HapCor, one of the leading grocery distributors to the Caribbean and Latin America, among others. Divisible to 80,000 square feet, Phase II features two buildings that are 794,230 square feet each with 36’ clear ceiling heights.
The park’s location is equidistant from Miami International Airport and Fort Lauderdale International Airport and offers immediate access to all points in South Florida via the Florida Turnpike and I-75. Build-to-suit and build-to-own opportunities available.
Bridge is one of South Florida’s most active industrial real estate developers. Since 2012, the company has acquired approximately 700 acres in 17 separate transactions across South Florida. Bridge has delivered and/or has under construction approximately 8 MSF of Class-A industrial space regionwide.
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