Bridge Industrial Lands $154M for Miami Logistics Park

2 min read

Phase two of the project will be completed with the new financing.

Bridge Point Commerce Center, Phase II site
Bridge Point Commerce Center, Phase II site. Image courtesy of Bridge Industrial

Bridge Industrial has obtained a $153.5 million construction loan to complete construction on the second phase of its industrial project in Miami Gardens, Fla. The loan was provided by CIBC Bank USA and secured by CBRE’s Steve Roth.

The second phase of Bridge Point Commerce Center will be made up of two Class A industrial buildings totaling 1.6 million square feet. The two buildings are both nearly 800,000 square feet and can be split into 80,000-square-foot floorplates.

Bridge Industrial is planning to construct both buildings with 36-foot clear heights, 138 exterior docks, four drive-in doors, and 198 spaces for trailer parking. The second phase already started construction in the third quarter of 2021 and is expected to be delivered in the third quarter of 2023.


READ ALSO: Tackling Climate Extremes: Q&A With the World’s First Chief Heat Officer


Located at 4310 NW 215th St., the industrial park is equidistant from Miami International Airport and Fort Lauderdale International Airport. Bridge Point Commerce Center also has immediate access to Florida’s Turnpike and Interstates 75 and 95, connecting it to the rest of the state’s major cities and beyond.

Investing in Florida’s industrial space

Once fully built out, Bridge Point Commerce Center will include more than 2.7 million square feet. The second phase will join the three buildings totaling 1.1 million square feet of industrial space from the project’s first phase. CIBC, along with Hartford Investment Management Co., previously provided the construction loan for Phase I of Bridge Point Commerce Center. Kevin Carroll, partner for the Southeast region for Bridge Industrial, said in prepared remarks that the first phase’s buildings are fully leased, and the company can now focus on bringing the second phase’s buildings to full occupancy.

Bridge Industrial has recently leased out its cold storage facility in Hialeah, Fla., with a full-building agreement. The facility is the area’s first cold storage facility and is expected to be completed in the fourth quarter of 2022. But overall, the company has been busy forming joint ventures that are aimed at investing in industrial assets across the U.S., including one with CPP Investments in December and another with PSP Investments a month later.

You May Also Like

The latest CRE news, delivered every morning.

Most Read

Regions

Like what you're reading? Subscribe for free.