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.