Fort Lauderdale's Bridge Point Riverbend Industrial Center Sells for $38 Million
Bridge Development Partners sells a new 221,815-square-foot facility to Bethesda, Maryland-based ASB Capital Management.
May 30, 2019 at 05:38 PM
3 minute read
An aerial view of the Bridge Point Riverbend industrial facility at 201 NW 22nd Ave. in Fort Lauderdale.
The Bridge Point Riverbend industrial center west of Interstate 95 in Fort Lauderdale has been sold for $38.2 million.
Bridge Development Partners LLC, a prolific industrial developer in South Florida, sold the 221,815-square-foot building to institutional investor ASB Capital Management LLC.
The deal speaks to the surge of institutional investment in South Florida industrial real estate, an appetite driven by the enticing market conditions.
Vacancy rates are low—expected to hover at about 3.7% by year's end in Broward County—with supply unable to keep up with demand. This has pushed up lease rates, which rewards landlords.
Bridge Point, completed this year, is about 76% leased. Its only tenant is ShipMonk, which rents 170,447 square-feet space for its last-mile fulfillment services for online retailers.
Bridge Point includes warehouse and office space, which attracted ShipMonk to the building. The location at 2201 W. Broward Blvd. puts it at the northwest corner of I-95 and Broward Boulevard, the gateway to downtown Fort Lauderdale,
ASB Capital Management based in Bethesda, Maryland, has an institutional equity and fixed-income management arm, ASB Investment Management Division, and its ASB Real Estate Investments Division. The real estate division has $7.9 billion in assets under management.
Chicago-based Bridge Development Partners is among the developers who have recognized South Florida's market potential and pent-up demand from industrial real estate. In response, they have been investing heavily in industrial construction.
The company is finishing the first phase of its Bridge Point Commerce Center, which will 1.1 million square feet across three buildings on 185 acres southwest of Florida's Turnpike Extension and Northwest 47th Avenue in Miami Gardens for delivery in July. Follow up phases will bring the total size to 2.1 million square feet.
Kevin Carroll, Southeast regional partner for Bridge Development, emphasized investor demand for industrial property.
“Institutional owners continue to seek out attractive investment opportunities in South Florida like Bridge Point Riverbend,” Carroll said in a statement about the sale. “They're targeting stabilized assets within close proximity to air and seaports and major population centers that can facilitate last-mile delivery services. Limited purchase opportunities of these prime assets combined with strong market fundamentals continues to fuel this demand.”
South Florida industrial space is limited because most land near seaports, airports and interstates has been built out.
Growing demand comes from e-commerce, population growth and Latin American trade.
Related stories:
South Florida Sees Surge of Institutional, REIT Industrial Investment
Bridge Point Riverbend Industrial Facility Gets First Tenant Thanks to South Florida Colliers Team
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
© 2025 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 All
Fowler White Burnett Opens Jacksonville Office Focused on Transportation Practice
3 minute read
How Much Coverage Do You Really Have? Valuation and Loss Settlement Provisions in Commercial Property Policies
10 minute read
The Importance of 'Speaking Up' Regarding Lease Renewal Deadlines for Commercial Tenants and Landlords
6 minute read
Meet the Attorneys—and Little Known Law—Behind $20M Miami Dispute
Trending Stories
- 1OCR Issues 'Dear Colleagues' Letter Regarding AI in Medicine
- 2Corporate Litigator Joins BakerHostetler From Fish & Richardson
- 3E-Discovery Provider Casepoint Merges With Government Software Company OPEXUS
- 4How I Made Partner: 'Focus on Being the Best Advocate for Clients,' Says Lauren Reichardt of Cooley
- 5People in the News—Jan. 27, 2025—Barley Snyder
Who Got The Work
J. Brugh Lower of Gibbons has entered an appearance for industrial equipment supplier Devco Corporation in a pending trademark infringement lawsuit. The suit, accusing the defendant of selling knock-off Graco products, was filed Dec. 18 in New Jersey District Court by Rivkin Radler on behalf of Graco Inc. and Graco Minnesota. The case, assigned to U.S. District Judge Zahid N. Quraishi, is 3:24-cv-11294, Graco Inc. et al v. Devco Corporation.
Who Got The Work
Rebecca Maller-Stein and Kent A. Yalowitz of Arnold & Porter Kaye Scholer have entered their appearances for Hanaco Venture Capital and its executives, Lior Prosor and David Frankel, in a pending securities lawsuit. The action, filed on Dec. 24 in New York Southern District Court by Zell, Aron & Co. on behalf of Goldeneye Advisors, accuses the defendants of negligently and fraudulently managing the plaintiff's $1 million investment. The case, assigned to U.S. District Judge Vernon S. Broderick, is 1:24-cv-09918, Goldeneye Advisors, LLC v. Hanaco Venture Capital, Ltd. et al.
Who Got The Work
Attorneys from A&O Shearman has stepped in as defense counsel for Toronto-Dominion Bank and other defendants in a pending securities class action. The suit, filed Dec. 11 in New York Southern District Court by Bleichmar Fonti & Auld, accuses the defendants of concealing the bank's 'pervasive' deficiencies in regards to its compliance with the Bank Secrecy Act and the quality of its anti-money laundering controls. The case, assigned to U.S. District Judge Arun Subramanian, is 1:24-cv-09445, Gonzalez v. The Toronto-Dominion Bank et al.
Who Got The Work
Crown Castle International, a Pennsylvania company providing shared communications infrastructure, has turned to Luke D. Wolf of Gordon Rees Scully Mansukhani to fend off a pending breach-of-contract lawsuit. The court action, filed Nov. 25 in Michigan Eastern District Court by Hooper Hathaway PC on behalf of The Town Residences LLC, accuses Crown Castle of failing to transfer approximately $30,000 in utility payments from T-Mobile in breach of a roof-top lease and assignment agreement. The case, assigned to U.S. District Judge Susan K. Declercq, is 2:24-cv-13131, The Town Residences LLC v. T-Mobile US, Inc. et al.
Who Got The Work
Wilfred P. Coronato and Daniel M. Schwartz of McCarter & English have stepped in as defense counsel to Electrolux Home Products Inc. in a pending product liability lawsuit. The court action, filed Nov. 26 in New York Eastern District Court by Poulos Lopiccolo PC and Nagel Rice LLP on behalf of David Stern, alleges that the defendant's refrigerators’ drawers and shelving repeatedly break and fall apart within months after purchase. The case, assigned to U.S. District Judge Joan M. Azrack, is 2:24-cv-08204, Stern v. Electrolux Home Products, Inc.
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
