Metro Miami Distribution Facility Trades for $38M

ASB Capital Management has purchased the 221,542-square-foot asset in Fort Lauderdale. CBRE assisted the seller, Bridge Development Partners, in the transaction.

Bridge Development Partners

Bridge Point Riverbend. Image courtesy of Bridge Development Partners

Bridge Development Partners has sold Bridge Point Riverbend, a Class A, 221,542-square-foot distribution facility in Fort Lauderdale, Fla. ASB Capital Management purchased the asset for $38.2 million. A CBRE team assisted the seller in the disposition.

Located at 201 N.W. 22nd Ave. near the intersection of Interstate 95 and Broward Boulevard, the warehouse is roughly 7 miles away from Port Everglades and approximately 8 miles from Fort Lauderdale-Hollywood International Airport. Also, PortMiami is within a 30-minute drive.

Built on a 11.7-acre site and completed in the fourth quarter of 2018, Bridge Point Riverbend features 32-foot clear ceiling heights, 11 dock doors with rear-dock loading, ESFR sprinkler systems and a 1.4/1,000 parking ratio. The building is currently nearly 80 percent leased, with anchor tenant ShipMonk signing a 170,447-square-foot lease at the location earlier this year.

CBRE Capital Markets’ team representing the seller in the disposition included Vice Chairman Chris Riley, Vice Chairman Christian Lee and Senior Vice President José Antonio Lobón. In February, a CBRE team facilitated the sale of a 224,572-square-foot warehouse located 25 miles west of Bridge Point Riverbend.

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