Bridge Development Partners, one of South Florida’s most active industrial real estate developers, announced the sale of Bridge Point Riverbend.
ASB Capital Management purchased the 221,815-square-foot industrial facility, located at 201 Northwest 22nd Avenue in Fort Lauderdale for $38.2 million. The price equates to $172 per square foot.
The building is nearly 80 percent leased and has been a boon to the local economy, bringing more than 470 new jobs.
CBRE’s Capital Markets team including Chris Riley, Vice Chairman in Atlanta; Christian Lee, Vice Chairman in Miami; and José Antonio Lobón, Senior Vice President in Miami represented Bridge Development in the sale.
“Institutional owners continue to seek out attractive investment opportunities in South Florida like Bridge Point Riverbend,” said Kevin Carroll, Partner, Southeast Region of Bridge Development Partners. “They’re targeting stabilized assets within close proximity to air and seaports and major population centers that can facilitate last-mile delivery services. Limited purchase opportunities of these prime assets combined with strong market fundamentals continues to fuel this demand.”
Bridge Point Riverbend created 270 construction jobs, as well as an additional 200 plus permanent jobs to date—a number anticipated to grow to more than 500 permanent jobs over the next two years thanks to its newest major tenant, ShipMonk, who recently inked a 170,447-square-foot lease. ShipMonk, one of South Florida’s fastest growing startup companies that has carved out a niche in the e-commerce sector, relocated its Deerfield Beach headquarters to Bridge Point Riverbend earlier this year.
Bridge Development purchased the 12-acre site for $10.4 million in July 2017 and built the modern, 221,542-square-foot industrial building in late 2018.
Source: CRE-sources
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.
