Indianapolis-based commercial real estate firm Duke Realty just paid $54.8 million for Bridge Point I-95, a 17.5-acre industrial project in Fort Lauderdale, property records show.
The 306,500-square-foot complex at 2200 West Sunrise Boulevard traded for about $179 per square foot. The recently built development consists of two warehouse buildings spanning about 150,000 square feet each.
Records show Chicago-based Bridge Development Partners is the seller. The firm bought the spec warehouse development site in 2015 for $12.45 million, records show.
The property was the former site of a concrete pipe manufacturing plant. It’s located adjacent to I-95 between West Sunrise Boulevard.
Bridge Development is in the midst of building a separate new distribution facility in Fort Lauderdale, called Bridge Point Riverbend. Just this week it scored a $16.6 million construction loan for a site it bought from developer Dev Motwani in July.
Duke Realty has been active in South Florida. The company notably sold the a 465,592-square-foot office park in Plantation, called Royal Palm Office Park, in 2014 for $128 million. In April it invested $79.97 million in three new warehouses in Hialeah Gardens.