The Bridge Point - Port 95 Industrial Complex in Dania Beach, Florida traded hands this month as the developer, Bridge Development Partners, sold the new industrial property for $26.6 million. The 535,200-square-foot property was purchased by MSG Dania Beach, led by Saul Gilinski, formerly a director of Premier Asset Management. Cushman & Wakefield marketed the property and represented the seller in the transaction; full terms of the deal were not disclosed. According to a South Florida Business Journal article, Bridge Development paid $7.55 million in May 2013 for the 12.3-acre site and secured a $13.9 million loan from Wells Fargo Bank to launch construction.
"The Port 95 area is the best location in Broward County. Located in Southeast Broward, it is the tightest industrial submarket with a 3Q14 vacancy rate of only 4.2%. The reason why Port 95 is so desirable is its close proximity to Port Everglades and the Ft. Lauderdale/Hollywood International Airport. In addition, there is immediate access to I-95, I-595 and Florida's Turnpike, with I-75 and the Sawgrass Expressway only minutes away," Chris Metzger of C&W said.
The two Class A buildings are institutional quality, 32-foot clear industrial facilities, and were designed to accommodate tenants ranging from 20,000 - 100,000 SF.
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