Bridge Development inks $16M loan for Hialeah Gardens project
Bridge Point Crossroads South is one of three phases of spec warehouse development
March 30, 2016 12:00PMBy Sean Stewart-Muniz
Rendering of Bridge Point Crossroads South
Bridge Development Partners just signed off on a $15.75 million construction loan for its upcoming spec industrial project in Hialeah Gardens.
The loan, issued by JPMorgan Chase Bank, covers just under 20 acres of development land at 10701 Northwest 140th Street, county records show.
Bridge, an industrial development firm headquartered in Chicago, now plans to build Bridge Point Crossroads South, a 255,846-square-foot facility on the site with an expected completion date set in the fourth quarter of 2016.
Overhead rendering of the three phases
Wayne Ramoski and Gian Rodriguez are handling leasing for the project, according to a LoopNet listing for the property. Rental rates are $8.75 per square foot annually, and the minimum size a tenant can occupy is 24,840 square feet.
This will be the third of Bridge’s projects to break ground in Hialeah Gardens in recent years. Bridge Point Crossroads East and West, the development’s two other phases, are also expected to open this year. They measure and 243,296 square feet and 420,989 square feet, respectively.
Check out a time-lapse construction video for the West portion of the project below:
Source: The Real Deal