Bridge Development pays $12M for site of new Broward project

By Brian Bandell, News Source @BizJournal

Bridge Development Partners acquired the site of a planned industrial park in Pompano Beach for $12.3 million. Waste Management (NYSE: WM) sold the 40.4-acre property at 1951 Powerline Road to Bridge Powerline LLC, an affiliate of Chicago-based Bridge Development Partners. It’s just south of Copans Road, which leads to Interstate 95.

The company previously secured approval for Bridge Point Powerline Road, which would total 467,832 square feet in three buildings and have 433 parking spaces. The first two buildings would each be 172,927 square feet while the third building would total 121,978 square feet. The project will have warehouse, distribution and flex/showroom space. Site work has already started for Bridge Point Powerline Road, and the first phase should be delivered in the first quarter of 2019, Bridge Development said.

Bridge Development said it will market a 3.5-acre parcel there with frontage on Powerline Road to another user. “There is still plenty of room left in this development cycle, especially in well-positioned, underserved markets such as Pompano Beach,” said Kevin Carroll, the Florida market leader for Bridge Development. “This prime development site is located just minutes from both the Florida Turnpike and I-95, offering easy access throughout the tri-county area.”

The company has developed more than 2 million square feet of industrial space since entering South Florida in 2010. It has new projects underway in Fort Lauderdale and Miami Gardens. According to CBRE’s third quarter report, the industrial vacancy rate in the Pompano Beach/Fort Lauderdale submarket was only 2.2 percent, and the average asking rent was $8.78 a square foot. There were 807,000 square feet of industrial space under construction in Broward County.