Bridge Development Taps Cushman & Wakefield to Lease Newly Acquired Distribution Center
Late last month, Bridge Development Partners acquired the 304,428-square-foot complex from Sherm Realty Corp., an affiliate of Weston, FL-based Apotex Corp. for $38 million.
MIRAMAR, FL—Bridge Development Partners has hired commercial brokerage firm Cushman & Wakefield as exclusive leasing advisor for its newly acquired Bridge Point Miramar distribution center here.
Late last month, Bridge Development Partners acquired the 304,428-square-foot complex from Sherm Realty Corp., an affiliate of Weston, FL-based Apotex Corp. for $38 million.
A Cushman & Wakefield Capital Markets team comprised of Mike Davis, Chris Metzger and Richard Etner, Jr. arranged the transaction. Jason Hochman and Chris Lentz of Cushman and Wakefield’s Equity, Debt and Structured Finance Group worked on behalf of Bridge Development to secure a $32.7-million loan from Heitman Capital Management.
The Cushman & Wakefield South Florida Industrial Team of Metzger, Etner, Jr., Christopher Thomson and Matthew G. McAllister will lease the building on behalf of Bridge Development Partners.
“Upon the completion of our multimillion-dollar investment to further enhance this facility’s offerings, Bridge Point Miramar will be a top choice for industrial users who require easy access to local, regional and international markets,” says Kevin Carroll, partner, Southeast region of Bridge Development Partners.
C&W reports that Bridge Development Partners will invest $6 million to upgrade the building.
Developed in 2015 on a 20-acre site at 15501 SW 29th St. in Miramar Centre Business Park, the T rear-load distribution facility features I–75 visibility, 32-foot clear height, 130-foot truck court, 46 dock-high doors, 50-foot by 50-foot column spacing, an ESFR (Early Suppression, Fast Response) fire safety system, energy-efficient T–5 lighting, as well as restaurants and shops within walking distance.
The property is currently 25% leased to Kellstrom Defense and offers availabilities ranging from 45,516 square feet to 228,566 square feet.
Bridge Development Partners has offices in Chicago, Miami, El Segundo, CA, Parsippany, NJ and Seattle. Since its inception in 2000, Bridge has successfully acquired and developed more than 29 million square feet of industrial buildings/projects valued at more than $3.8 billion. Currently, Bridge has a strategic joint venture with investment partnerships managed by Banner Oak Capital Partners, L.P., a Dallas-based investment advisor.