Bridge Development Partners just scored a $32.1 million construction loan and broke ground on a speculative industrial park in Pompano Beach, property records show.
Bridge Point Powerline Road is being built on a 40-acre site between the Florida Turnpike and I-95 at 1951 North Powerline Road, previously owned by Waste Management Inc. Records show the Chicago developer paid about $12.3 million for the property, which included a 150,000-square-foot warehouse fronting Powerline Road, late last year.
Webster Bank is the lender. CBRE’s Steve Roth arranged the financing for the developer.
Once completed, the 468,000-square-foot project will feature three buildings, two of which will total about 173,000 square feet each and share a 180-foot truck court. The third will span about 122,000 square feet and feature a 120-foot truck court. Bridge Development plans to complete the project by the first quarter of 2019, according to a press release.
Bridge is building several spec industrial parks in South Florida, including Bridge Point Commerce Center on a 185-acre site in Miami Gardens and a distribution facility in Fort Lauderdale called Bridge Point Riverbend.