Bridge Pays $20M for Warehouse Dev Site Near Port Everglades
Bridge Industrial’s Steve Poulos with 2200 Northeast Seventh Avenue (Bridge Industrial, iStock)
Bridge Industrial plans a logistics facility between Fort Lauderdale-Hollywood International Airport and Port Everglades, marking the company’s unceasing investment in South Florida’s industrial market.
The Chicago-based company paid $20 million for the 22.4-acre property at 2200 Northeast Seventh Avenue in Dania Beach in an off-market deal, according to a Bridge news release.
Airport parking provider Park ‘N Fly, which sold the property through an affiliate, had paid $4.8 million for the site in 2017, records show. It will be vacating the site by the end of June, the release says.
The 170,892-square-foot Bridge Point Port Everglades facility will offer rear loading, 32-foot clear ceiling heights, 34 dock-high doors, two drive-in doors, a 120-foot truck court and 156 car parking spaces, according to the release. The facility will be just east of the airport and off the I-595 Port Everglades exit.
Construction is expected to be completed in early 2024.
Fort Lauderdale-Hollywood International Airport travelers’ reservations for the Park ‘N Fly facility after June 26 have been canceled, and refunds will be issued, according to Park ‘N Fly’s website. Additional airport parking is at the Park ‘N Go at 1101 Eller Drive and at the Self Park FLL at 901 Old Griffin Road, both in Dania Beach, the website says.
Bridge, founded and led by CEO Steve Poulos, has been on an industrial building spree in South Florida. The company has more than 10 million square feet of real estate either built or in the pipeline throughout the region.
In April, Bridge scored a $154 million construction loan to finish building two warehouses totaling almost 1.6 million square feet at the Bridge Point Commerce Center at 4310 Northwest 215th Street in Miami Gardens.
Bridge scooped up the three-building Pompano Beach Commerce Park industrial complex at 1543, 1541 and 1551-1571 North Powerline Road for $46.3 million in January.
South Florida’s industrial market has prospered, with high rents and low vacancies, because of a supply and demand imbalance. While companies are clamoring to lease space, availability is low, largely because of the lack of developable land.
In the first quarter, Broward County’s industrial vacancy rate hit 4.2 percent, matching pre-pandemic levels, according to a JLL report. The average asking rent increased to $11.19 a square foot, year-over-year, from $8.58 a square foot.
In another Broward deal this month, Elion Partners paid $15.3 million for the warehouse at 1121 Northwest 31st Avenue in Pompano Beach.
Also in Dania Beach, Triarch Capital Group bought the two-warehouse distribution property at 950-952 and 940 Eller Drive, as well as a next-door half-acre lot, for $10.4 million last year.
