Bridge Development Partners to Build 1 MSF Spec Industrial Project Near Miami
HIALEAH, FLA. — Bridge Development Partners, an industrial development and investment firm with six offices across the country, has acquired land in Miami-Dade County’s Hialeah submarket for the construction of a 1 million-square-foot speculative industrial project.
The new development will consist of four buildings ranging in size from 109,000 to 500,000 square feet. Construction is scheduled to begin during the first quarter of 2020 and to be complete by the first quarter of 2021.
The property will be located within the AVE Aviation and Commerce Center, a master-planned development located about 10 miles from Miami International Airport and 30 miles from Fort Lauderdale-Hollywood International Airport. In addition, the property offers proximity to The Palmetto Expressway and Gratigny Parkway, which serve as connections to Interstates 95 and 75.
Wayne Schuchts, Tom Viscount and Bobby Benton of Avison Young have been tapped to lease the project. Avison Young also represented the seller, AVE LLC, in the land acquisition.
“Healthy economic growth, bustling port activity and positive demand continue to drive industrial investment and development activity in Miami’s land-constrained market,” said Benton. “We anticipate strong interest from a variety of large industrial users from logistics to e-commerce who will benefit from the location and build-to-suit options.”
According to Avison Young’s research, Hialeah’s 1.4 million-square-foot bulk distribution inventory has maintained 100 percent occupancy throughout 2019. Warehouse and standard distribution account for 61 percent of Hialeah’s total 20.4-million-square-foot industrial footprint, which posted 96 percent occupancy at the end of third-quarter 2019.
— Taylor Williams