A joint venture between Bridge Development Partners, Akard Street Partners, L.P., an investment partnership operated by Banner Oak Capital Partners, L.P.; and Elion Partners, a Miami-based real estate investment group, announced it has secured $16.56 million in financing to develop Bridge Point Riverbend—a modern, 221,542-square-foot industrial building located at the intersection of I-95 and Broward Boulevard in Fort Lauderdale.
The loan, issued by Webster Bank, was secured by CBRE’s Steve Roth and will cover the development of the 12-acre site acquired by the joint venture in July for $10.4 million. With financing in hand and entitlements in place, the joint venture will break ground this month.
“This strategic venture with Akard Street Partners and Elion Partners allows us to capitalize on a prime development opportunity in the expanding South Broward industrial submarket,” said Kevin Carroll, a principal of Bridge Development Partners. “With our financing and entitlements in place, we look forward to getting started on Bridge Point Riverbend, which will cater to today’s industrial users looking for a modern facility in a centralized location.”
Banner Oak Capital and Bridge Development bring a successful track record investing alongside one another in the development of speculative and build-to-suit industrial projects in Bridge’s core markets, including South Florida. This is the first joint venture the pair has entered into with Elion Partners.
“We are excited about our first venture with Bridge Development in this infill location in the I-95 corridor in Broward County,” said Shlomo Khoudari, Managing Principal at Elion Partners. “We look forward to delivering a best-in-class industrial facility that will serve to meet current market demand.”
Located at 2201 West Broward Boulevard, Bridge Point Riverbend is scheduled to be completed the third quarter of 2018. The speculative development project will feature 32’ clear ceiling heights, rear-dock loading, ESFR sprinkler systems, a 1.4/1,000 parking ratio and the flexibility to accommodate tenants from 40,000 square feet.
The strategically located facility offers easy access to South Florida’s major transportation arteries with immediate proximity to Fort Lauderdale-Hollywood International Airport and Port Everglades, and just a short 30-minute drive to Miami.
“Bridge Point Riverbend offers a significant advantage—immediate access to I-95, providing superior connectivity to the area’s major air and seaports, including Port Everglades,” said Colliers International’s Steven Wasserman, the property’s leasing agent. “Because of the building’s characteristics, it’s been especially attractive to larger users, which we’re seeing a lot of in the market as of late.”
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.
