Bridge Industrial Begins Office-to-Industrial Redevelopment in Miami
Bridge Industrial has begun demolishing the former headquarters of Ryder Systems in Miami, where it will develop a two-building, 326,448-square-foot Class A industrial complex. Bridge Point Flagler Station will come online on a speculative basis, with vertical construction starting later this year and completion expected in the third quarter of 2025.
“We are already seeing demand for Bridge Point Flagler Station,” Kevin Carroll, partner for the Southeast Region at Bridge Industrial, told Commercial Property Executive. “Even at this early stage, we have received a strong level of interest from various potential tenants who recognize the strategic advantages of this prime location and the quality of the facilities we are developing.”
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The LEED-certified industrial complex will rise off NW 107th and NW 117th streets within Flagler Station, one of South Florida’s largest master-planned corporate parks which has its own dedicated Florida Turnpike interchange. The campus will have access to all major transportation routes in South Florida, including Dolphin Expressway, Palmetto Expressway and U.S. Route 27.
The 16.8-acre site is 15 miles from Miami International Airport, 18 miles from PortMiami and 30 miles from Fort Lauderdale-Hollywood International Airport and Port Everglades. The convenient location will also enable tenants’ access to a wide employee pool from both Miami-Dade and Broward counties.
A future Miami industrial campus
Bridge Industrial acquired the property from Ryder Systems in March 2023 for $42.1 million, marking the largest office transaction within the metro in the first quarter of 2023 and the fourth largest in the first half of 2023. The 248,989-square-foot office building had served as Ryder’s headquarters since 2005 but the company needed less office space post pandemic and decided to downsize its footprint. Bridge Industrial’s plans for the site align with the growing national trend of repurposing former office assets into modern industrial properties.
Carroll could not provide a total construction cost but did note “the investment in Bridge Point Flagler Station is substantial and reflects our commitment to creating high-quality, sustainable industrial spaces.”
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Building 1 will span 128,805 square feet and include 40 exterior docks, two drive-in doors, 142 car parking spaces and office space. The 197,643-square-foot Building 2 will have 44 dock doors, two drive-in doors, 198 car parking spaces and office space. Both facilities will feature 32-foot clear heights and a 180-foot shared truck court with seven trailer parking spaces. The property will have frontage on the Florida Turnpike.
JLL will serve as exclusive leasing agent. Executive Managing Director & South Florida Industrial Lead Brian Smith, Executive Managing Director Audley Bosch, Managing Director Matt Maciag and Senior Vice President Ana Rivera will spearhead the leasing efforts.
South Florida growth
Bridge Industrial has a large presence in South Florida and is one of the region’s most active industrial real estate developers, having acquired more than 740 acres in 22 separate transactions.
The company has more than 11 million square feet of Class A industrial space completed or under construction regionwide. Developments include Bridge Point Gratigny, a 409,189-square-foot logistics facility also in Miami, and Bridge Point Commerce Center, a 1.6 million-square-foot campus in Miami Gardens, Fla., among others.
In October, Bridge Industrial signed its first tenant at Bridge Point Doral, a Class A master-planned industrial development that will total 2.6 million square feet in Doral, Fla., at full build-out. The complex is just a few miles north of Bridge Point Flagler Station.
“Slated for completion in early 2025, we continue to see strong demand at Bridge Point Doral and have already had some preleasing success with a major food retailer, which signed on to occupy a 131,411-square-foot building (Building 6) upon completion,” Carroll told CPE.
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