Bridge Industrial Pays $46M for South Florida Park

Pompano Beach Commerce Park. Image courtesy of Bridge Industrial

Bridge Industrial has acquired Pompano Beach Commerce Park, a 336,852-square-foot industrial campus in Pompano Beach, Fla. The company paid nearly $46.3 million for the three-building campus, according to Broward County records. CBRE National Partners arranged the transaction on behalf of the seller, Redfearn Capital. 

The office campus last traded in 2019, when Redfearn acquired it for $26.3 million from Superior Shades. Along with the purchase, Bridge Industrial also assumed Redfern’s outstanding $17 million loan. The seller originally received an $18.3 million note from Wells Fargo in 2020.

The industrial park encompasses the buildings at 1551, 1543 and 1541 N. Powerline Road, spanning 140,094 square feet, 124,894 square feet and 71,864 square feet, respectively. The facilities feature 24-foot clear heights and truck courts ranging between 85 feet and 530 feet. The largest facility has 10 dock high loading doors and eight grade-level doors.

The park is less than 40 miles from the Port of Miami via the nearby Interstate 95 and Miami International Airport is accessible via Florida’s Turnpike.

Developed in phases between 1984 and 1999, the campus is set to undergo renovations under the new owner. The upgrades include roof replacement, landscaping and parking area improvements. The repositioning plans are part of the company’s newly adopted value-add strategy, according to a prepared statement from Bridge Industrial Partner Nick Siegel.

Expansion strategies, old and new  

The company’s South Florida portfolio includes 5 million square feet of industrial space, with approximately 2.5 million feet awaiting completion. Bridge Point Powerline Road, a 467,832-square-foot industrial park, is located less than a mile from the company’s newest asset.

Bridge Industrial has been particularly active throughout 2021, launching industrial projects in major U.S. markets. In November, the developer broke ground on a 150,548-square-foot distribution center in Santa Fe Springs, Calif. The project, slated for delivery in the first half of this year, required major environmental remediation work.

Last month, the company formed a $1.1 billion partnership with Canada Pension Plan Investment Board, with the purpose of developing industrial properties across the country. Bridge Investment and CPP also announced their first venture, a 2.6 million-square-foot industrial campus in Doral, Fla.