Bridge Industrial acquires property in Pompano Beach, Florida
Bridge Industrial (“Bridge”), a privately held, vertically integrated real estate and investment management company, today announced the acquisition of Pompano Beach Commerce Park, a 336,852 square foot industrial campus in Pompano Beach, in Florida. .
Following the acquisition, Bridge plans to launch a comprehensive program of capital improvements on the property, including landscaping, parking improvements, monument signage and roof replacement. The acquisition will mark Bridge’s first property closure as part of a new value-added strategy.
“Acquiring this campus in a premier submarket marks not only the latest addition to our growing portfolio, but also the introduction of a new value-added strategy that will expand our capabilities and allow us to acquire existing buildings and provide even more services to our customers in the region, ”said Nick Siegel, Partner at Bridge.
Jose Lobon of CBRE National Partners represented the seller in the transaction.
Located on Powerline Road in Broward County’s Pompano Beach submarket, Pompano Beach Commerce Park is made up of three industrial buildings – covering 140,094 square feet, 124,894 square feet, and 71,864 square feet, respectively. The facility has several attractive features including clear heights of 24 and multiple entry and exit points along its 800-foot linear frontage along Powerline Road. Bridge has had previous development successes at Pompano Beach, with its Bridge Point Powerline Road project covering more than 450,000 square feet within a mile of its latest acquisition.
The campus is located less than 2 miles from I-95 and just 1.4 miles from the Florida Turnpike, allowing users to reach nearly all of Florida’s 6.2 million people. in just 60 minutes drive. The property is also just 15 miles from Port Everglades and Fort Lauderdale-Hollywood International Airport, and approximately 40 miles from Port of Miami and Miami International Airport. The site’s central location allows its tenants to serve 92% of South Florida’s 6.2 million people within 60 minutes by car.
“South Florida is one of the most limited supply markets in the country, and Bridge has had major success in developing and operating state-of-the-art warehouse space. technology that can help meet the immense demand from industrial users in this area, ”said Kevin Carroll, Southeast Partner at Bridge.
Bridge is one of South Florida’s most active industrial real estate developers. The company has acquired approximately 700 acres in 17 separate transactions in Miami Dade and Broward counties and has delivered approximately 7 million square feet of Class A industrial space to the region since entering the market in 2012 The company’s current South Florida portfolio spans more than 5 million square feet of company-owned and third-party managed properties with an additional 2.5 million square feet under construction.
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