Bridge Industrial has obtained a $153.5 million construction loan to move forward with the second phase of its Bridge Point Commerce Center in Miami Gardens.
CIMC Bank USA provided the mortgage to the Chicago-based developer for the 186-acre site at 4310 N.W. 215th St., just south of the Broward County line. The loan will support construction of two industrial buildings for a combined 1.6 million square feet. They will have 36-foot ceiling heights.
Fort Lauderdale-based Hernandez Construction is the general contractor. They are expected to be delivered by the third quarter of 2023.
“Now that we’ve fully leased Phase I and have financing in place, we can focus all of our attention on bringing Phase II to full occupancy,” said Kevin Carroll, a partner in the Southeast region for Bridge Industrial.
The first phase of Bridge Point Commerce Center totals 1.1 million square feet in three buildings. Completed in 2019, the project hosts tenants such as City Furniture and HapCor.
CBRE’s Tom O’Loughlin and David C. Albert are the leasing agents for the project.
Industrial rents have surged in Miami-Dade County has the occupancy rate falls. There is strong demand from companies for distribution space as local consumer purchasing increases.
Read more online at: https://www.bizjournals.com/southflorida/news/2022/05/02/bridge-obtains-loan-for-second-phase.html