Logistics Center Trades For $161 PSF

Feb 04, 2020 No Comments by

Bridge Development Partners sold two warehouses for $28 million to an entity listed as Morgan Stanley Private Wealth Advisors in Chicago.

Chicago-based Bridge Development sold the 174,129-square-foot properties at 3233-3303 Southwest 12th Avenue for $161 per square foot, records show.

Located at Fort Lauderdale–Hollywood International Airport, Bridge Point FLL Logistics Center features two Class-A industrial buildings divisible to 16,000 square feet. Building 1 spans 92,165 square feet, while Building 2 totals 81,964 square feet. Both are shallow-bay buildings, which allow more flexibility for today’s users, and will feature 32’ clear ceiling heights, rear-dock loading, and ESFR sprinkler systems.

In December 2019, Bridge inked its first tenant at Bridge Point FLL Logistics Center. CBRE Senior Vice Presidents Tom O’Loughlin and Larry Genet represented Bridge Development Partners in negotiating a long-term lease agreement with a leading containerized moving and storage services provider to occupy Building 1 beginning in the first quarter of 2020.

Bridge acquired Bridge Point FLL Logistics Center’s strategically located 10.2-acre site, which formerly housed a school more than twenty years ago, in June of last year. The logistic center’s convenient location offers immediate access to all points in South Florida via I-95 and I-595, including air and seaports.

The company is one of the most aggressive acquirers of industrial properties in South Florida, as the area has become a hub for logistics and e-commerce. Since 2012, Bridge has acquired 473 acres throughout Miami Dade and Broward Counties and delivered more than 3 MSF of Class-A industrial space across the region. The company’s current South Florida portfolio spans more than 4 million square feet.

 

 

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Broward County Industrial / Flex, Industrial / Flex, Industry News
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