Posted on July 12, 2016 · Posted in Industrial / Flex, Investments, Land, Office

Bridge Development broke ground on a two-building speculative industrial project just off Interstate 95 in Fort Lauderdale.

Bridge Point I-95 Fort Lauderdale 2JPMorgan Chase Bank (NYSE: JPM) awarded a $22.62 million construction loan to Bridge FTL, an affiliate of the Chicago-based developer, for the 17.5-acre site at 2200 West Sunrise Blvd. The former concrete pipe manufacturing plant was acquired for $12.45 million in December 2015.

Bridge Point I-95 Fort Lauderdale would total 306,466 square feet, including a 166,370-square-foot building and a second building at 140,096 square feet. They would have a clear height of 32 feet and rear-dock loading.

“The industrial market in South Florida is strong, but there is not enough new product available with the features tenants need to meet current demand,” said Bridge principal Kevin Carroll. “With the closing of interim financing, we are breaking ground on these speculative buildings to help fill the unmet need in the market.”

According to Bridge Development, the industrial vacancy rate in south Broward County is 6.3 percent. The builder has acquired six South Florida projects in the past 18 months.

The project should be delivered in the fourth quarter of this year.

 

Source: SFBJ

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