Miami Industrial Park To Double Footprint With $154M Construction Loan
Bridge Point Commerce Center, an industrial complex in Miami Gardens, Fla., is expanding.
The owner, Bridge Industrial, scored $153.5 million in construction financing from CIBC Bank USA to build the second phase of the development, which will feature two warehouses totaling nearly 1.6 million square feet.
The complex is expected to be delivered by the third quarter of 2023, according to the Illinois-based developer. Steve Roth of CBRE secured the loan.
Bridge Industrial three years ago completed the first phase, which is now fully leased. It consists of three warehouses totaling 1.1 million square feet. Last year, Bridge Industrial secured a $117.5 million debt package to refinance the industrial park.
Also in 2021, City Furniture leased 287,000 square feet, which was the year’s second-largest industrial lease in South Florida, according to The Real Deal. The other tenant, HapCor, a grocery distributor to the Caribbean and Latin America, is leasing 114,808 square feet.
Located at 4310 NW 215th Street, the 2.6 million-square-foot development sits on a 186-acre site, adjacent to the Ronald Reagan Turnpike and less than four miles from Hard Rock Stadium.
Miami Gardens, thanks to its proximity to Miami and Fort Lauderdale, has become a hotbed for industrial development.
Earlier this month, private equity giant Blackstone proposed a 2.3 million-square-foot industrial complex that would cost an estimated $700 million.
Julia Echikson can be reached at Jechikson@commercialobserver.com.