FORT LAUDERDALE, Fla. (July 15, 2019) – Berger Commercial Realty/CORFAC International Senior Vice President Joseph Byrnes and Sales Associate John Forman represented Forman Industrial Land, LLC in the $36.9 million sale of 34 acres of land at 5600 Reese Road in Davie to Bridge Acquisition, LLC, a subsidiary of Chicago-based Bridge Development Partners.
Bridge Development Partners plans to develop more than 650,000 square feet of Class A, high-volume warehouse and distribution space in a new multi-building industrial park to be known as Bridge Point 595, located in the immediate proximity of I-595 and the Florida Turnpike on the south side of Reese Road just east of the I-595 Davie Road exit.
“This deal is a result of a decades-long relationship we’ve fostered with the sellers, who are leaders in South Florida’s dynamic real estate market,” said Berger Commercial Realty President Lloyd Berger. “Bridge Development Partners was chosen out of 17 offers because of their solid reputation and certainty of execution. We are excited to further our relationship with Bridge by serving as the exclusive leasing agent for Bridge Point 595.”
“My great grandparents first acquired the property in the early 1900s where they started South Florida’s first dairy. In the 1950’s, the Forman’s sold this property to a road builder who dug the rock pits. In the mid-1980s, my uncle, Austin Forman, had the idea for our family to buy back the pits from the road builder, who had become a close family friend, and conceived a plan to fill them for development,” John Forman, who is a member of the Forman family, said, “I recall taking boat rides on the pit and looking for alligators long before the property was filled. To date, we have filled more than 150 acres of land, this site being the most recent to be sold. You might say that this has been a long time in coming.”
Upon completion, Bridge Point 595 will rank among the largest industrial parks in South Florida. Groundbreaking is slated for September and delivery is expected in the third quarter of 2020.
“This deal is representative of the development trend currently taking place in Broward County,” Joseph Byrnes said. “Large distribution tenants are facing a lack of quality inventory near key transportation hubs and the sought-after and densely populated areas of Broward County and South Florida. Fortunately, developers are responding to the demand with new, first-class industrial projects that are highly accessible to major roadways. Local municipalities are responding in kind by fast-tracking permitting and approvals for development, thereby attracting new businesses and pumping more dollars into the local economy.”
The Berger industrial team John Forman and Senior Vice President’s Joseph Byrnes and Keith Graves will serve as the exclusive leasing agents for the forthcoming Bridge Point 595.
“We’re pleased and honored that our Berger industrial team was chosen to market and lease the Bridge Point 595 project,” added Keith Graves. “We are dedicated to successfully leasing this major South Florida industrial park and are already actively coordinating with potential tenants. The project’s design and location make it an ideal option for companies seeking modern, functional warehouse space that capitalizes on the ‘last mile’ component of the supply chain. The property’s proximity to the Fort Lauderdale-Hollywood International Airport, Port Everglades and a large network of highways makes this a sweet spot for distribution.”
For more information about Berger Commercial Realty’s brokerage and leasing services, call 954-358-0900.
About Berger Commercial Realty/CORFAC International
Berger Commercial Realty/CORFAC International is a regional, full service commercial real estate firm based in South Florida. Independent and privately owned since its founding in 1998, the firm is a member of CORFAC International, a global network of independently-owned commercial real estate brokerage firms. The firm’s property management and brokerage services include tenant/landlord and buyer/seller representation; project and construction management; receiverships; agency/project leasing; capital advisory/investment sales; retail services and more. For more information, visit www.bergercommercial.com.
About CORFAC International
CORFAC International (Corporate Facility Advisors) is comprised of privately held entrepreneurial firms with expertise in office, industrial and retail real estate leasing and investment sales, multifamily property acquisitions and dispositions, property management and corporate services. In association with global affiliates, CORFAC International has 60 North American offices and 20 offices in global markets. Founded in 1989, CORFAC firms completed more than 11,000 lease and sales transactions totaling approximately 500 million square feet of space valued in excess of $8.5 billion in 2015. For more information on the CORFAC network, call 224.257.4400 or visit www.corfac.com.
About Bridge Development Partners
Bridge Development Partners, LLC (www.bridgedev.com) is a privately-owned firm that focuses on the acquisition and development of Class A industrial real estate in the supply constrained core industrial markets of South Florida, Chicago, Northern New Jersey, New York, Southern California, the Bay Area, and Seattle. Since its inception in 2000, Bridge has successfully acquired and developed more than 34 million square feet of industrial buildings/projects valued at more than $5.4 billion. Currently, Bridge has a strategic joint venture with investment partnerships managed by Banner Oak Capital Partners, L.P., a Dallas-based investment advisor.