An affiliate of powerhouse developer Bridge Development Partners has acquired a former rock pit northwest of Miami for $36.9 million with plans to build warehouses and distribution space as part of a new industrial park that would become one of the largest in South Florida.
The seller, Forman Industrial Land, received 17 offers for the 34-acre site at 5600 Reese Road in Davie, Florida, but selected Bridge in part because of the firm’s development history, said Lloyd Berger, president of listing firm Berger Commercial Realty.
South Florida is wedged between the Atlantic Ocean and the Everglades, a unique geography that has the strip from Miami north facing a severe land shortage. That combined with the boom in e-commerce has turned metropolitan Miami's industrial market into one of the hottest in the country.
"Any spec of land, if it's well-located and more than nine or 10 acres, is a hot commodity right now for industrial," Berger said in an interview.
The 677,314-square-foot proposed park, Bridge Point 595, is located just east of the Davie Road exit at Interstate 595. The project, expected to break ground in September, is due to be complete in the third quarter of 2020.
Bridge Development did not have broker representation on the land sale. Berger Commercial's Joseph Byrnes represented the seller along with sales associate John Forman.
He said in a statement the Forman family acquired the land in the early 1900s, starting South Florida’s first dairy. In the 1950s, they sold the property to a road builder, who dug rock pits, but the family later bought back the land and filled in the pits for future development, Forman added.
Chicago-based Bridge Development has said it has completed more than 2 million square feet of Class A industrial space in South Florida since it entered the market in 2010. The privately held firm will equal that number with one new project, the Bridge Point Commerce Center in Miami Gardens, Florida. Bridge also has holdings in Chicago, New York, Northern New Jersey, Southern California, the Bay Area and Seattle.
For the Record: The Berger industrial team of Forman, Byrnes and Keith Graves will serve as the exclusive leasing agents for Bridge Point 595.
https://product.costar.com/home/news/816376289
