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3900 NW 215th St, Miami Gar...

HapCor Leases Industrial Space At Bridge Point Commerce Center In Miami Gardens
LEASEDIndustrial

HapCor Leases Industrial Space At Bridge Point Commerce Center In Miami Gardens

3900 NW 215th St, Miami Gardens, FL...

Building Size

114,808 SF

Asset Type

Industrial

Closing

Nov 22, 2023

AI

The industrial property involved in the transaction is located at 3900 NW 215th St in Miami Gardens, Florida. The asset spans 114,808 square feet within the Bridge Point Commerce Center, developed by Bridge Development Partners. The property features 32-foot clear heights and is part of a larger industrial park that will eventually encompass 2.1 million square feet. It is situated on 185 acres, offering a strategic location 20 miles away from both Miami International Airport and Fort Lauderdale-Hollywood International Airport.

Summary of transaction details:

  • Property Type: Industrial
  • Transaction Amount: Not specified
  • Tenant: HapCor
  • Tenant's Representative: Tom Viscount (Avison Young)
  • Landlord: Bridge Development Partners
  • Square Feet: 114,808

The lease transaction was facilitated by Tom O’Loughlin and David Albert of CBRE, representing the landlord, and Tom Viscount and Wayne Schuchts of Avison Young, representing the tenant, HapCor. The deal signifies a partnership between the grocer, specializing in the Caribbean and Latin America, and the experienced industrial real estate developer, Bridge Development Partners. Through this transaction, both parties aim to leverage the property's strategic location and modern industrial features for mutual benefit.

Players

Thomas Viscount

Savills

Broker

$14.2M

vol

8 deals

Broker
Bridge Development Partners
Bridge Development PartnersLandlord

Market Industrial Market Snapshot

Boundary boundary · Industrial · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93