FORT LAUDERDALE, FL—Chicago's Bridge Development continues snapping up South Florida land. The company just purchased another 9.7 acres for a new speculative industrial facility called Bridge Point Davie in Davie, FL.
“This is our fourth major project in South Florida,” says Bridge principal Kevin Carroll. “We have been pleased with the reception of our other spec projects and the need for class A industrial facilities. Major expansions to infrastructure in the region including the airport and the Port Everglades are more positive signs of growth in an already growing area.”
Bridge will develop a 145,800-square-foot class A industrial facility with 32-foot-clear ceiling height on the land. The site has strong access to Interstates 595 and 95, Florida's Turnpike, Fort Lauderdale-Hollywood International Airport, and the Port Everglades.
Bridge expects the industrial building to come online by the second quarter of 2015. The developer is targeting new-to-market or expanding businesses of 20,000 to 145,800 square feet looking to occupy new construction.
Bridge has done its homework, reporting the South Broward industrial market continues to strengthen with moderate growth and 7.1% vacancy. The Fort Lauderdale Airport/Dania submarket is even stronger, with 4.2% vacancy. Bridge points out that this submarket is attracting new international business with the Port Everglades infrastructure improvements.
This is Bridge Development's fourth transaction in South Florida in less than a year—and its second in the past 30 days. Bridge recently acquired land to build Bridge Point Crossroads West, a 242,000-square-foot, single Ccass A spec industrial facility in suburban Miami, as well as two contiguous parcel acquisitions for the construction of the 189,000-square-foot Bridge Point Marina Mile and the 230,000-square-goo Bridge Point Port 95. Bot are class A industrial facilities in Dania Beach, FL.
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