Bridge Industrial scored a $77.6 million refinancing for its warehouse complex near the Miami-Opa locka Executive Airport.
State Farm Life Insurance Company provided the loan for the three-building industrial development that’s on the northeast corner of Northwest 57th Avenue/Red Road and Northwest 135th Street, according to records.
The complex, called Bridge Point AVE, consists of the 199,800-square-foot Building 1 at 5590 Northwest 145th Street, the 110,600-square-foot Building 2 at 14150 Northwest 56th Court, and the 279,500-square-foot Building 3 at 14250 Aviation Drive in unincorporated Miami-Dade County, according to a Bridge Industrial news release. All of the buildings are nearly fully leased, the release says.
Steven Roth and Bill Jurjovec of CBRE represented Bridge in the refinancing.
The Chicago-based firm completed the buildings in 2021, after securing a $78.3 million construction loan that year from Canadian Imperial Bank of Commerce, records show.
The 47-acre Bridge Point AVE is part of the 178-acre master-planned AVE (Aviation and Commerce Centre) business center at 14350 Northwest 56th Court.
Bridge –– led by Steve Poulos, with Kevin Carroll leading the Southeast Region –– has a land lease with Miami-Dade for the majority of AVE. It acquired the lease from CPF Investment Group in 2019 for $126 million.
Bridge is a prolific industrial developer and investor in South Florida. Since 2012, it has purchased more than 750 acres and has 11 million square feet of space either completed or under construction, according to the release.
In October, the firm paid $45.4 million for the eight-building Corporate Park of Doral at 7705 Northwest 48th Street in Doral.
Bridge is redeveloping the former Ryder System’s headquarters at 11690 Northwest 105th Street in unincorporated Miami-Dade into the 326,400-square-foot Bridge Point Flagler Station with two warehouses. The firm bought the 16.8-acre site in 2023 for $42.1 million from logistics giant Ryder, which has since moved into a new headquarters in Coral Gables.
In 2022, Bridge paid $26.3 million for the industrial buildings at 16175 Northwest 49th Avenue and 16250 Northwest 48th Avenue at the Palmetto Lakes Industrial Park in Miami Gardens.
