BBX Logistics JV Eyes Miami-Area Redevelopment
The partnership plans to replace a retail property with a logistics campus.
The joint venture between BBX Logistics Properties, a subsidiary of BBX Capital Inc., and FRP Development Corp. plans to develop The Park at Davie, a two-building, Class A, 182,000-square-foot logistics campus in Davie, Fla.
The partnership purchased the Signature Grand, a 101,812-square-foot retail facility, and intends to demolish it to make room for the two logistics buildings. Map Legacy Inc. was the asset’s former owner, according to CommercialEdge data.
Built in 1995, the Signature Grand held social gatherings, primarily focusing on weddings—of which it hosted more than 12,000—and corporate events. North of 2 million people have walked its halls in nearly three decades. However, the venue has been closed since earlier this year.
READ ALSO: How Logistics Developers Can Surmount Inventory Hurdles
Davie Assistant Town Administrator Phillip R. Holste pointed out that the joint venture has submitted its Ware Malcomb-designed site plan for The Park at Davie, as reported by the South Florida Sun Sentinel. The project is currently awaiting the Planning and Zoning Board’s recommendation, as well as the Town Council’s approval. The developers expect to break ground in this year’s fourth quarter and anticipate completion in 2025.
Located at 6900 W. State Road 84, the 11.3-acre site is less than 1 mile away from Interstate 595 and some 3 miles from U.S. Route 441. The last-mile redevelopment will operate roughly 10 miles west of the Fort Lauderdale-Hollywood International Airport and Port Everglades.
BBX Logistics’ industrial ventures
BBX Logistics Properties focuses primarily on industrial speculative and build-to-suit developments throughout markets in Florida and the Eastern U.S.
One of its other projects also involves a partnership with FRP. Dubbed The Park at Lakeland, the industrial development will encompass roughly 213,500 square feet of logistics space on a 22.5-acre site in Lakeland, Fla.
Last month, the company broke ground on The Park at Delray. Upon completion, the 40-acre campus in Delray Beach, Fla., developed in a joint venture with PCCP, will comprise three facilities totaling north of 670,000 square feet.
Metro Miami’s industrial pipeline
Greater Miami’s industrial supply pipeline held just short of 7.9 million square feet of under-construction space as of July, according to CommercialEdge data.
Terreno Realty Corp.’s Countyline Corporate Park Phase IV Building 40 recently exited the pipeline. The 186,000-square-foot industrial facility, part of a 121-acre campus developed by VS Real Estate in Hialeah, Fla., came online in May.
You must be logged in to post a comment.