Bridge Development Partners will build approximately 1 million square feet of speculative industrial structures on a 123-acre site, which includes more than 50 acres of vacant Miami-area land.
The property is in the master-planned AVE Aviation & Commerce Center near NW 144th Street and NW 57th Avenue in Miami-Dade County’s Hialeah submarket on the west side of Opa-Locka Airport. AVE, LLC, was the seller and Avison Young Ltd. was the broker.
Bridge Development Partners’ new industrial construction will consist of four buildings ranging from 109,000 to 500,000 sq. ft. (pending build-to-suit opportunities). Groundbreaking will be in first-quarter 2020 with completion slated for first-quarter 2021.
“The deal was the result of our long history with AVE and its developer, Ernesto Cambo, principal of CPF Investment Group, and strong relationship with Bridge Development Partners,” Avison Young principal Wayne Schuchts said in a statement. “We brought the unique off-market opportunity to Bridge’s Steve Poulos and Kevin Carroll. Despite working through the various challenges of the sale, both parties were an absolute pleasure to work with and ultimately completed the win-win transaction.”
According to Avison Young research, Hialeah’s 1.4-million-square-foot bulk distribution inventory has maintained 100% occupancy throughout 2019. Warehouse /standard distribution accounts for 61% of Hialeah’s total 20.4-million-square-foot industrial submarket and posted 96% occupancy at the end of third-quarter 2019. Bridge Development Partners’ project will attract tenants seeking bulk distribution as well as warehouse / standard distribution space in the area.