Chicago-based Bridge Industrial recently acquired a 6.19-acre warehouse property in Miami for $26.26 million.
The property at 16175 N.W. 49th Ave. in Palmetto Lakes Industrial Park consists of two warehouses totaling 123,814 square feet and 200 parking spaces. The acquisition was financed by a loan provided by Chicago-based CIBC Bank USA.
Jose Sasson of Axiom Capital Advisors represented Bridge Industrial in the transaction. Robert Comunale of Industrial Group Realty, Inc. represented the seller, Sunway Holdings LLC.
Sunway Holdings LLC, co-managed by Daniel Murad, acquired the property for $12.15 million in December 2018 from a gun manufacturer. Murad is CFO of kitchen wholesale supplier Kalorik, which now operates in one of the two warehouses. A spokeswoman for Bridge Industrial said that Kalorik and linen wholesaler Brian Trading Co., which operates in the second warehouse on the property, will remain in their respective buildings through 2025.
Bridge Industrial will invest millions of dollars upgrading the property, including replacing roofs, creating more parking, enhancing the landscaping, and other deferred maintenance, a company release stated.
Cory Welper, Bridge Industrial’s director of acquisitions, said the property is ideal for a “last-mile logistics user due to the properties’ central location, functional design, and above-standard parking ratio — which is increasingly rare in South Florida.”
“This acquisition … perfectly aligns with our value-add strategy of buying assets with short-term cash flow and below-market rents, and the ability to increase them through capital upgrades,” Welper said.
Since its inception, Bridge Industrial has built or acquired 71 million square feet of industrial properties across the U.S. Within South Florida, Bridge Industrial acquired 700 acres of industrial property since 2012. Bridge Industrial has also completed, or is in the process of building, more than 10 million square feet of warehouse structures in South Florida, according to the company’s press statement.
Among Bridge Industrial’s recent moves in South Florida include its purchase of Pompano Beach Industrial Park for $46.25 million, contracting to buy Ryder System’s headquarters in Medley, and moving forward with plans to build a 170,892-square-foot warehouse near Fort Lauderdale/Hollywood International Airport.
