Bridge Lands $57M Construction Loan For Doral Office-To-Industrial Redevelopment

Bridge Industrial has secured a $56.7 million construction loan to transform a corporate office campus in Doral into a new warehouse development, as developers across South Florida increasingly target aging suburban office properties for redevelopment.

The Chicago-based firm plans to replace the 16-acre Corporate Park of Doral at 7775 Northwest 48th Street with two warehouses totaling 268,700 square feet, according to property records. A notice of construction commencement has already been filed. Associated Bank is providing the financing.

Bridge, led by Steve Poulos, with Kevin Carroll overseeing the Southeast region, acquired the property in 2024 for $45.4 million. The office campus was originally completed in 2004. Like many suburban office properties in western South Florida, it has struggled amid the rise of remote work and competition from newer coastal office buildings.

This marks Bridge’s second effort to reposition a suburban office site into an industrial project. In unincorporated Miami-Dade County, the company is developing Bridge Point Flagler Station, a 326,400-square-foot industrial project at 11690 Northwest 105th Street on the former Ryder System headquarters site. Last year, Bridge obtained a $53 million construction loan for that redevelopment. Ryder relocated its headquarters to a smaller space at the Ryder Colonnade building in Coral Gables, citing a shift toward hybrid work.

Other developers are also capitalizing on underperforming suburban office campuses. BH Group and Pebb Enterprises are redeveloping The Eclipse in Boca Raton, renovating two of its three office buildings and partnering with Related Group to replace the third with a 500-unit apartment complex.

Across South Florida, most redevelopment projects involve demolishing outdated office buildings and constructing new properties rather than converting existing structures. One notable exception is Keystone Development + Investment, which is converting two office buildings near Dadeland Mall — a seven-story building at 9400 South Dadeland Boulevard and an eight-story building at 9500 South Dadeland Boulevard — into a 212-unit apartment development.

Source: The Real Deal