Bridge Development Partners LLC has sold a Fort Lauderdale industrial park to Duke Realty Corp. for more than $54.8 million to launch a $700 million portfolio deal.

Duke Realty is buying several industrial properties space from Bridge Development in different parts of the U.S.

The Fort Lauderdale property, Bridge Point I-95, is the first sale to close under the agreement. The transfer of the property at 2200 W. Sunrise Blvd. wrapped up Sept. 27.

Two Class A warehouses with a combined 306,466 square feet of building space sit on 17.5 acres southwest of Interstate 95 and Sunrise Boulevard. That works out to $179 per square foot of building space.

Bridge Development bought the former cement pipe manufacturing plant in December 2015 and rebuilt it into the industrial park that now is home to Floor & Decor, Broward Motorsports and U.S. Autoforce.

“Delivering Bridge Point I-95 business park nearly fully preleased in less than 18 months is evidence that strong demand continues for high-quality, infill locations,” Kevin Carroll, a principal of Bridge Development, said in a news release.

Bridge Development, a Chicago-based industrial buyer and builder, and Duke Realty, an Indianapolis-based owner, developer and manager of industrial properties, agreed in July on the larger deal arranged by brokers with CBRE National Partners and HFF.

The Bridge Point I-95 property is the only South Florida asset in the portfolio. The package, which extends to Southern California and northern New Jersey, includes 10 newly built facilities and two parcels where a combined 852,745 square feet of industrial space will be built.

“This portfolio sale is part of the $1.1 billion of new state-of-the-art industrial assets Bridge will sell in 2017,” said Steve Poulos, founder and CEO of Bridge Development Partners. “The portfolio includes a mix of fully stabilized, partially stabilized and completely vacant assets.”

Other Bridge sales this year that are not part of the Duke deal include the Bridge Point Crossroads East and South in Hialeah Gardens, Bridge Point Davie and Bridge Point Crossroads West in northwest Miami-Dade County.

Bridge Development paid $12.7 million for Bridge Point I-95 in 2015, according to the Broward County property records.

The company declined to disclose how much money it put into redeveloping the site.

The two buildings have 32-foot clear ceiling heights, rear-dock loading and high-
powered sprinkler systems and direct I-95 on-ramp access.