Bridge Point Riverbend Industrial Facility Gets First Tenant Thanks to South Florida Colliers Team
E-commerce fulfillment services company ShipMonk has signed a more than $10 million lease at the Fort Lauderdale industrial facility.
December 11, 2018 at 11:42 AM
3 minute read
A fast-growing startup for e-commerce fulfillment will be the first tenant in the new Bridge Point Riverbend facility in Fort Laudedale — a lease secured by a local Colliers team.
ShipMonk is moving from its 90,000-square-foot Deerfield Beach facility to a 170,000-square-foot space at the industrial-office building at 2201 W. Broward Blvd.
Colliers International South Florida industrial services vice president Erin Byers in Miami and executive vice president Steven Wasserman in Fort Lauderdale secured the lease on behalf of Bridge Point Riverbend developers and owners. They are prolific industrial space builder Bridge Development Partners LLC and Aventura-based real estate investor Elion Partners.
The deal closed Nov. 21.
Byers declined to disclose the lease duration and exact rate, only allowing it's between $10 million and $15 million.
“Part of our marketing process for this project has been very targeted marketing toward e-commerce, what they call third-party logistics companies,” Byers said. “During that process is how we were able to uncover ShipMonk and their growing need. And what attracted ShipMonk to this specific building was a) location and b) timing.”
ShipMonk, started by Jan Bednar, provides fulfillment services to small- and medium-sized e-commerce retailers, or the logistics for the merchants to ship their products from suppliers to customers, according to the company's website.
CBRE senior vice president Tony Hoover in Boca Raton represented ShipMonk in the lease.
The Bridge Point Riverbend will serve as ShipMonk's last-mile fulfillment warehouse and office, or the facility from which products make their last trip before reaching consumers, Byers said.
That's why the facility's location — just west of Interstate 95 and a short drive from the on- and off ramps, north of Broward Boulevard and near growing downtown Fort Lauderdale — makes it ideally suited for last-mile delivery.
“It just goes to show the growing demand for e-commerce fulfillment needs to accommodate the growing population in South Florida. The Bridge Point Riverbend project being located just off 95 and Broward Boulevard can help them service that last-mile delivery, and that was a large reason why they chose our project,” Byers said.
“For example,” Byers continued, “downtown Fort Lauderdale with all of their residential units and condos, all of that growing population that becomes centralized, they (ShipMonk) need to be as close to that condensed population as possible.”
Another thing that attracted ShipMonk to Bridge Point Riverbend: Already built-in office space. ShipMonk's 170,000-square-foot space, which is 77 percent of the total 221,542 building square footage, includes 5,000 square feet of office space.
Bridge Development constructed the building with some office space, which not every industrial developer does, but that cuts move-in times for tenants as they don't have to wait for the offices to be built.
The growth of e-commerce coupled with the growth of South Florida's population has created an appetite for last-mile industrial facilities like Bride Point Riverbend.
“Developers are, Bridge in particular is, trying to find sites that can accommodate those types of facilities and that's really what the industrial sector is seeing as one of the biggest challenges to overcome,” Byers said. “Developers are filling in lakes and redeveloping golf courses and landfills in order to capture sites that can locate these well-located” projects.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View AllHow Much Coverage Do You Really Have? Valuation and Loss Settlement Provisions in Commercial Property Policies
10 minute readThe Importance of 'Speaking Up' Regarding Lease Renewal Deadlines for Commercial Tenants and Landlords
6 minute readMeet the Attorneys—and Little Known Law—Behind $20M Miami Dispute
Trending Stories
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250