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Bridge Industrial Acquires Duo of Distribution Properties in Hialeah for $26M
Bridge Industrial has acquired two industrial facilities totaling 123,814 square feet within the Palmetto Lakes Industrial Park in Hialeah, FL for $26.3 million. The company plans to implement a multi-million-dollar, comprehensive capital improvement program to upgrade and enhance the property, renamed Bridge Point Palmetto Lakes.
“The acquisition perfectly aligns with our value-add strategy of buying assets with short-term cash flow and below-market rents, and the ability to increase them through capital upgrades,” says Cory Welper, director of acquisitions with Bridge Industrial.
16175 NW 49th Avenue is a 95,941-square-foot industrial building constructed in 1990 with 22’ clear ceiling heights throughout and sections up to 30’ clear.
16250 NW 48th Avenue is a 27,873-square-foot facility featuring 20’ clear ceiling height. The site currently features 200 parking stalls, which Bridge plans to expand to 275.
Jose Sasson with Axiom Capital Advisors represented Bridge in the transaction, while Robert Comunale with Industrial Group Realty, Inc., represented the seller, Sunway Holdings, LLC.
- ◦Sale/Acquisition
