Fort Lauderdale's Bridge Point Riverbend Industrial Center Sells for $38M
Bridge Development Partners sells a new 221,815-square-foot facility to Bethesda, Maryland-based ASB Capital Management.
The Bridge Point Riverbend industrial center west of Interstate 95 in Fort Lauderdale has been sold for $38.2 million.
Bridge Development Partners LLC, a prolific industrial developer in South Florida, sold the 221,815-square-foot building to institutional investor ASB Capital Management LLC.
The deal speaks to the surge of institutional investment in South Florida industrial real estate, an appetite driven by the enticing market conditions.
Vacancy rates are low—expected to hover at about 3.7% by year’s end in Broward County—with supply unable to keep up with demand. This has pushed up lease rates, which rewards landlords.
Bridge Point, completed this year, is about 76% leased. Its only tenant is ShipMonk, which rents 170,447 square-feet space for its last-mile fulfillment services for online retailers.
Bridge Point includes warehouse and office space, which attracted ShipMonk to the building. The location at 2201 W. Broward Blvd. puts it at the northwest corner of I-95 and Broward Boulevard, the gateway to downtown Fort Lauderdale,
ASB Capital Management based in Bethesda, Maryland, has an institutional equity and fixed-income management arm, ASB Investment Management Division, and its ASB Real Estate Investments Division. The real estate division has $7.9 billion in assets under management.
Chicago-based Bridge Development Partners is among the developers who have recognized South Florida’s market potential and pent-up demand from industrial real estate. In response, they have been investing heavily in industrial construction.
The company is finishing the first phase of its Bridge Point Commerce Center, which will 1.1 million square feet across three buildings on 185 acres southwest of Florida’s Turnpike Extension and Northwest 47th Avenue in Miami Gardens for delivery in July. Follow up phases will bring the total size to 2.1 million square feet.
Kevin Carroll, Southeast regional partner for Bridge Development, emphasized investor demand for industrial property.
“Institutional owners continue to seek out attractive investment opportunities in South Florida like Bridge Point Riverbend,” Carroll said in a statement about the sale. “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.”
South Florida industrial space is limited because most land near seaports, airports and interstates has been built out.
Growing demand comes from e-commerce, population growth and Latin American trade.
Related stories:
South Florida Sees Surge of Institutional, REIT Industrial Investment
Bridge Point Riverbend Industrial Facility Gets First Tenant Thanks to South Florida Colliers Team