Bridge Industrial Inks Major Lease at Fort Lauderdale Asset

Bridge Industrial has landed a new tenant at Bridge Point 595, the developer’s new three-building distribution center in Davie, Fla. Bridge relied on the assistance of Berger Commercial Realty/Corfac International to orchestrate a lease agreement with The Tire Rack Inc. for nearly 177,000 square feet at the approximately 677,000-square-foot Fort Lauderdale-area property.

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Tire Rack signed a 63-month lease for its new home at Bridge Point 595. Located at 2700 Bridge Way, the industrial park occupies a 34-acre Broward County site that Bridge—known as Bridge Development Partners LLC until its name change earlier this year—had acquired from Forman Industrial for $36.9 million in 2019.

Bridge Point 595. Image courtesy of Bridge Industrial

Bridge secured a $60.3 million construction loan through Wells Fargo just months later and with general contractor Hernandez Construction aboard, proceeded to build the three-structure campus, which was the largest industrial development under construction in the Fort Lauderdale market at the end of 2020.

Completed in the first quarter of 2021, Bridge Point 595’s Class A offerings include the approximately 290,300-square-foot Building 1; Building B, which is also roughly 290,300 square feet; and Building 3, the smallest of the three at approximately 96,700 square feet. The rear-load facilities offer such coveted features as 32-foot clear ceiling heights, dock-high loading, ESFR sprinkler systems, 54-foot column spacing and 60-foot speed bays. Sited within close proximity of Interstates 595 and 95 and the Florida Turnpike, the property will provide Tire Rack with the last-mile accommodation it requires for its business.

Dave Veldman of Veldman & Morgan represented Tire Rack in the lease transaction, while Berger/Corfac’s Keith Graves, Joseph Byrnes and John Forman stood in for Bridge. With Tire Rack’s new commitment, Bridge Point 595 is now 70 percent leased.

Leading the way in South Florida

While South Florida’s industrial sector has been faring well all around, Broward County, home to Bridge Point 595, has been a paradigm of solid performance.

“Broward County continued to boast the longest streak in consecutive demand growth for South Florida, with its 40th consecutive quarter outpacing supply, bringing year-to-date absorption to over 1.7 million square feet,” according to a third quarter 2021 report by Newmark. “Despite the 4.3 million square feet of construction activity brought to the county since the close of 2019, vacancy has hovered around the 5.2 percent mark during the same time period. Strong leasing activity of new industrial product has shielded the market from seeing noticeable increases in vacancy.”