Bridge Plans 2.6M SF Build-to-Suit Industrial Campus in Doral, FL
Chicago-based firm has launched three South Florida logistics projects in the past month.
Bridge Industrial has announced that it plans to develop a 2.6M SF spec industrial campus on a 175-acre site in Doral, FL near Miami International Airport.
The speculative logistics hub, to be known as Bridge Point Doral, will include six Class A buildings, each ranging from 165K SF to 900K SF. Bridge said in its release it is willing to combine buildings to create 1.4M SF of build-to-suit industrial space.
The vacant site, located on the corner of Northwest 107th Avenue and Northwest 42st Street in Doral, includes 10 acres that are zoned for retail or commercial use.
The first building in the spec project is expected to be completed by the end of next year. In December, Bridge bought the land for the industrial hub from Charles Lemon and Claudia Lemon Cook. The transaction price for the land deal was not disclosed.
Each of the buildings at Bridge Point Doral, which has received approval from the City of Doral to break ground this summer, will feature cross-dock and rear-load warehouse configurations, as well as trailer drops in a secure environment.
Chicago-based Bridge has been busy launching new developments in South Florida in recent weeks.
Last month, the industrial developer purchased a 22.4-acre site located in Dania Beach between Fort Lauderdale-Hollywood International Airport and Port Everglades, where it plans to build a 171K SF logistics facility. Park ’N Fly, an airport parking vendor who operated a parking lot on the site, sold the site to Bridge for $20M.
Bridge also is in the midst of developing Bridge Point Gratigny, a 409K SF project in proximity to Miami-Opa Locka Executive Airport. Bridge recently purchased the ground lease for the 26-acre site of Bridge Point Gratigny for $15.6M.
Earlier this year, Bridge acquired a 337K SF industrial campus in Pompano Beach, FL for $46M.
YoY rent growth for the Miami-Dade County industrial market in Q2 2022 was 20.2%, with average asking prices of nearly $17 per square foot and a vacancy rate of 2.5%, according to a market report from Matthews.
Vacancies in the county remain low despite the delivery of more than 1M SF in new industrial construction in Q2, Colliers reported.
According to Bridge’s press release, the firm has acquired more than 700 acres in South Florida and has completed or is building more than 10M SF of industrial facilities throughout its portfolio.