Bridge Industrial scored a $56.7 million construction loan to redevelop a Doral corporate campus into warehouses.
The deal comes as South Florida developers are seizing on suburban office complexes with plans to redevelop the sites. Aging offices in the western part of South Florida have struggled due to remote work and from the competition created by coastal areas with newer office stock.
Chicago-based Bridge plans to redevelop the 16-acre site at 7775 Northwest 48th Street with a pair of warehouses spanning a combined 268,700 square feet, according to records. The firm recorded a notice of construction commencement.
Associated Bank provided the financing, records show.
Bridge, led by Steve Poulos, with Kevin Carroll leading the Southeast U.S. region, bought the Corporate Park of Doral in 2024 for $45.4 million. Records show the office campus was completed in 2004.
This marks Bridge’s second industrial redevelopment of a suburban office.
In an unincorporated area of Miami-Dade County, Bridge plans the 326,400-square-foot Bridge Point Flagler Station at 11690 Northwest 105th Street on the former headquarters of logistics company Ryder System. In 2024, Bridge landed a $53 million construction loan for that project.
Ryder System moved its headquarters to a smaller office at the Ryder Colonnade building in Coral Gables, citing a hybrid work shift.
Others seizing on suburban office campuses for redevelopment include BH Group and Pebb Enterprises. At their The Eclipse project in Boca Raton, they are renovating two of the three office buildings and are partnering with Related Group to redevelop the third one into a 500-unit apartment project.
In South Florida, most developers are razing existing office structures and building anew, and few convert existing office structures into other uses.
In a rare project for South Florida, Keystone Development + Investment is converting the seven-story office building at 9400 South Dadeland Boulevard and the adjacent eight-story building at 9500 South Dadeland Boulevard near Dadeland Mall in Kendall into 212 apartments.
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