From remaining: Bridge Industrial’s Steve Poulos and Kevin Carroll alongside with 16175 Northwest 49th Avenue and 16175 Northwest 49th Avenue in Miami Gardens (Bridge Industrial, Getty)
Now amid the largest South Florida industrial real estate gamers, Bridge Industrial even more prolonged its empire with the acquire of a pair of Miami Gardens properties.
Bridge, headed by Steve Poulos, purchased the thoroughly leased attributes at 16175 Northwest 49th Avenue and 16250 Northwest 48th Avenue that sit on 6 acres at the Palmetto Lakes Industrial Park for $26.3 million, in accordance to a business launch. The seller is an affiliate of the Murad family’s property appliances organization Kalorik.
This was partly a sale-leaseback deal as Kalorik now leases the 49th Avenue creating where it’s been operating. Brian Buying and selling, a family members-owned textile distribution and export corporation, leases the 48th Avenue making.
Jose Sasson of Axiom Funds Advisors represented the buyer, and Robert Comunale of Industrial Team Realty represented the seller.
Bridge plans a multi-million greenback revamp of the 124,000 sq. ft of serious estate and enhance the range of parking stalls from 200 to 275. As this sort of, the obtain is element of Bridge’s strategy to receive houses that could use a facelift and raise rents following updates.
Also element of this worth-add approach was Bridge’s purchase of the 3-constructing Pompano Seaside Commerce Park on the southwest corner of North Powerline Highway and Northwest 16th Avenue for $46.3 million in January.
Irrespective of the the latest acquisitions, Bridge is nicely-known as a ground-up developer. The Chicago-centered business has done or is performing on 10 million square feet of industrial actual estate throughout South Florida, which is spearheaded by southeast regional husband or wife Kevin Carroll.
So much this yr, Bridge has embarked on at the very least 4 jobs. It is creating the 170,000-square-foot Bridge Level Port Everglades in Dania Beach front on the web-site of the previous Park ‘N Fly in close proximity to Fort Lauderdale-Hollywood Global Airport.
Bridge also ideas a 2.6 million-square-foot speculative logistics campus spanning 175 acres in Doral, and the 409,000-sq.-foot Bridge Issue Gratigny just south of the Miami-Opa locka Executive Airport.
Also in Miami Gardens, Bridge is developing the second two-constructing section of the Bridge Position Commerce Middle, following finishing the first three buildings.
Miami Gardens has caught other developers’ eyes, as Blackstone subsidiary Hyperlink Logistics programs an industrial intricate and movie studios throughout 116 acres on Calder’s former horse racing monitor. Link Logistics paid out $291 million for the site in June.
