From left: Bridge Industrial’s Steve Poulos and Kevin Carroll together with 16175 Northwest forty ninth Avenue and 16175 Northwest forty ninth Avenue in Miami Gardens (Bridge Industrial, Getty)
Already among the many largest South Florida industrial actual property gamers, Bridge Industrial additional prolonged its empire with the acquisition of a pair of Miami Gardens buildings.
Bridge, headed by Steve Poulos, purchased the absolutely leased properties at 16175 Northwest forty ninth Avenue and 16250 Northwest forty eighth Avenue that sit on 6 acres on the Palmetto Lakes Industrial Park for $26.3 million, in line with an organization launch. The vendor is an affiliate of the Murad household’s dwelling home equipment firm Kalorik.
This was partly a sale-leaseback deal as Kalorik now leases the forty ninth Avenue constructing the place it’s been working. Brian Buying and selling, a family-owned textile distribution and export firm, leases the forty eighth Avenue constructing.
Jose Sasson of Axiom Capital Advisors represented the client, and Robert Comunale of Industrial Group Realty represented the vendor.
Bridge plans a multi-million greenback revamp of the 124,000 sq. ft of actual property and improve the variety of parking stalls from 200 to 275. As such, the acquisition is a part of Bridge’s technique to accumulate properties that would use a facelift and improve rents following upgrades.
Additionally a part of this value-add technique was Bridge’s buy of the three-building Pompano Seashore Commerce Park on the southwest nook of North Powerline Highway and Northwest sixteenth Road for $46.3 million in January.
Regardless of the latest acquisitions, Bridge is well-known as a ground-up developer. The Chicago-based agency has accomplished or is engaged on 10 million sq. ft of commercial actual property throughout South Florida, which is spearheaded by southeast regional accomplice Kevin Carroll.
To this point this yr, Bridge has launched into at the very least 4 tasks. It’s constructing the 170,000-square-foot Bridge Point Port Everglades in Dania Seashore on the positioning of the previous Park ‘N Fly close to Fort Lauderdale-Hollywood Worldwide Airport.
Bridge additionally plans a 2.6 million-square-foot speculative logistics campus spanning 175 acres in Doral, and the 409,000-square-foot Bridge Point Gratigny simply south of the Miami-Opa locka Govt Airport.
Additionally in Miami Gardens, Bridge is growing the second two-building section of the Bridge Point Commerce Center, after finishing the primary three buildings.
Miami Gardens has caught different builders’ eyes, as Blackstone subsidiary Hyperlink Logistics plans an industrial complicated and film studios throughout 116 acres on Calder’s former horse racing monitor. Hyperlink Logistics paid $291 million for the positioning in June.
