Two industrial properties in Hialeah recently found a buyer.
Bridge Industrial has acquired two buildings offering a total of 123,814 square feet between them, for a purchase price of $26.3m. They are in Hialeah’s Palmetto Lakes Industrial Park. Bridge plans to spend several million dollars to make capital improvements that will enhance and upgrade the properties, which will then be renamed Bridge Point Palmetto
According to Cory Welper, Bridge Industrial’s director of acquisitions, buying the two buildings fits in perfectly with the company’s strategy of purchasing assets that are at below-market rates, and have short-term cash flow, and then making capital upgrades to improve the properties. When transactions like these are completed, purchasers can use brochure printing to help describe the premises for potential tenants.
The first building is at 16175 NW 49th Avenue. The building, which was built in 1990, has 95,941 square feet of space with a ceiling height of 22 feet throughout the premises, with some sections rising to 30 feet.
The second building is at 16250 NW 48th Avenue. It has 27,873 square feet with 20-foot ceilings. There are currently 200 parking places on the premises, to which Bridge plans to add an additional 75.
Bridge is an investment manager and real estate operating company that focuses on acquiring and developing industrial properties in markets that are supply-constrained, both in the UK and the US. A supply-constrained market is one in which available resources limit total output.
