Bridge Development Partners just acquired another heap of land, this time in Pompano Beach, with plans to build a spec industrial park called Bridge Point Powerline Road.
The Chicago-based developer paid about $12.3 million for 40 acres of land at 1951 North Powerline Road and broke ground on the first phase of the 467,832-square-foot project, according to a source close to the deal.
The purchase has not yet cleared records.
The trade, which breaks down to $307,500 per acre, includes a 150,000-square-foot warehouse fronting Powerline Road. The site is between the Florida Turnpike and I-95.
The seller, Waste Management Inc. of Florida, is relocating, according to a press release. Previous sales information is not available online. Kevin Carroll, Bridge Development Florida principal was not immediately available for comment.
Once completed, the project will feature three buildings, two of which will total 172,927 square feet each and share a 180-foot truck court. The third will span 121,978 square feet and feature a 120-foot fully-secured truck court, according to the release. Amenities for the buildings include high ceilings and 54-foot column spacing.
Last month, Bridge paid $28.2 million for 185-acres of land in Miami Gardens where it plans to build another spec industrial park called Bridge Point Commerce Center. Bridge is also in the midst of building a new distribution facility in Fort Lauderdale called Bridge Point Riverbend.
Source: The Real Deal
Larry W. Genet is a Senior Vice President in the CBRE, Inc. Miami, FL office. As part of the CBRE platform Mr. Genet can provide a wide range of services from local to Fortune 1000 clients including agency and tenant representation, asset or portfolio management, high level logistics, labor and data analytics prior to site selection, project/construction management, capital markets, owner user sales and valuation advisory services. CBRE is the global leader for real estate services worldwide.
Larry has extensive experience in landlord agency, tenant representation, acquisitions, dispositions and property management. As a third-generation commercial real estate professional and South Florida native, Larry boasts deep community ties, an intimate knowledge of the South Florida market and numerous professional contacts. Larry’s leasing expertise of industrial, office, land, retail and medical properties coupled with his experience in acquisitions and dispositions gives him the ability to represent a myriad of clients in the South Florida market. Additionally, Larry controls a portfolio of 13.5 million square feet allowing him to see every deal in the market. This ensures his clients never miss an opportunity. His knowledge of tenants and buyers in the market is top notch and when coupled with his team's vast portfolio, it's a winning combination.
