Local developer Dev Motwani has sold a large part of a Fort Lauderdale industrial development site for $10.4 million to Chicago-based Bridge Development Partners, while he will build his own three story self-storage facility.
The industrial developer plans to build a 221,542-sq. ft. distribution facility called Bridge Point Riverbend, expecting to break ground in August, according to a press release.
“This is an attractive acquisition and development opportunity,” said Kevin Carroll, a principal of Bridge Development Partners. “We look forward to delivering another Class-A industrial project in the Fort Lauderdale market, where strong demand for well-located, high-quality industrial assets remains high.”
Since entering the South Florida market in 2012, Bridge Development has delivered approximately two million sq. ft. of Class-A industrial space.
Located at 2201 West Broward Blvd., Bridge Point Riverbend will feature 32’ clear ceiling heights, rear-dock loading, ESFR sprinkler systems, a 1.4/1,000 parking ratio and the flexibility to accommodate tenants from 40,000 sq. ft.
Meanwhile, Motwani, president of Merrimac Ventures, plans to build a three-story, 130,700-sq. ft. self-storage facility, The Real Deal reports. The ground floor will have 8,000 square feet of retail fronting Broward Blvd. The developer is working on securing $15 million to $20 million of construction financing.
“With the Fort Lauderdale residential trend shifting toward smaller units we thought it would be a good addition,” Motwani said, citing a greater demand for storage spaces in the area. Potential tenants would include quick service, neighborhood-friendly retailers, he said.