Cushman & Wakefield Also Arranged the Sale and Financing of the 304,428-Square-Foot Distribution Center
MIRAMAR, FL, March 4, 2019 — Cushman & Wakefield has been named exclusive leasing advisor for Bridge Point Miramar, a 304,428-square-foot distribution center in Broward County.
The Cushman & Wakefield South Florida Industrial Team of Chris Metzger, Richard F. Etner, Jr., Christopher Thomson and Matthew G. McAllister will lease the building on behalf of Bridge Development Partners.
Bridge Development Partners recently acquired Bridge Point Miramar from Sherm Realty Corporation, an affiliate of Weston, FL-based Apotex Corp and will invest $6 million to upgrade the building. A Cushman & Wakefield Capital Markets team comprised of Mike Davis, Metzger and Etner, Jr., arranged the $38 million transaction. Jason Hochman and Chris Lentz, of Cushman and Wakefield’s Equity, Debt and Structured Finance Group worked on behalf of Bridge to secure a $32.7 million loan from Heitman Capital Management.
“Upon the completion of our multimillion-dollar investment to further enhance this facility’s offerings, Bridge Point Miramar will be a top choice for industrial users who require easy access to local, regional and international markets,” said Kevin Carroll, Partner, Southeast Region of Bridge Development Partners. “We believe Cushman & Wakefield’s acclaimed South Florida Industrial Team is ideally suited to connect us with those tenants and help Bridge Point Miramar reach its full potential.”
Bridge Point Miramar was developed in 2015 on a 20-acre site at 15501 SW 29th Street in Miramar Centre Business Park. The rear-load distribution facility features I–75 visibility, 32-foot clear height, 130-foot truck court, 46 dock-high doors, 50-foot by 50-foot column spacing, an ESFR (Early Suppression, Fast Response) fire safety system, energy-efficient T–5 lighting, as well as restaurants and shops within walking distance.
The building is centrally located in South Florida, providing exceptional access to the region’s numerous international airports and seaports as well as the Tri-County area’s major thoroughfares — Interstate 75, Interstate 595 and Florida’s Turnpike.
Bridge Point Miramar is currently 25 percent leased to Kellstrom Defense and offers availabilities ranging from 45,516 square feet to 228,566 square feet.
“Bridge Point Miramar offers distributors the opportunity to locate their operations in one of Broward County’s premier facilities,” said Metzger. “The asset’s prime location, exceptional amenities and Bridge Development Partner’s well-deserved reputation as a Class A operator are sure to drive leasing activity in the building.”
The seven-member South Florida Industrial Team led by Metzger, Etner Jr., and Thomson negotiated just over 2.3 million square feet of sales and leases valued at more than $163 million in 2018. For more information, please visit www.southfloridaindustrialteam.com.
About Bridge Development Partners
Bridge Development Partners, LLC (www.bridgedev.com) is a privately-owned firm that focuses on the acquisition and development of Class A industrial real estate in the supply constrained core industrial markets of South Florida, Chicago, Northern New Jersey, Southern California and Seattle. Since its inception in 2000, Bridge has successfully acquired and developed more than 29 million square feet of industrial buildings/projects valued at more than $3.8 billion. Currently, Bridge has a strategic joint venture with investment partnerships managed by Banner Oak Capital Partners, L.P., a Dallas-based investment advisor.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Communications Specialist, Florida