Industrial Redevelopment Wave Hits South Florida
Aging office parks give way to warehouses as Bridge Industrial and Sagard Real Estate make big plays
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Aging office parks give way to warehouses as Bridge Industrial and Sagard Real Estate make big plays
A wave of industrial redevelopment is sweeping through South Florida, as aging office parks are being repurposed into warehouses to meet the growing demand for logistics and distribution space. Two major deals announced recently illustrate this trend, with Bridge Industrial and Sagard Real Estate making significant investments in the region.
In the first deal, Bridge Industrial secured a $56.7 million construction loan to redevelop a 16-acre corporate campus in Doral into a pair of warehouses spanning 268,700 square feet. The project, located at 7775 Northwest 48th Street, will transform the aging office complex into a modern logistics hub. Bridge Industrial, led by Steve Poulos, purchased the property in 2024 for $45.4 million, according to records.
This marks Bridge Industrial's second industrial redevelopment of a suburban office park in South Florida. The company is capitalizing on the trend of aging offices in the western part of the region struggling to compete with newer office stock in coastal areas, particularly in the wake of the shift to remote work.
Meanwhile, Sagard Real Estate has acquired the global headquarters of SeaVee Boats in Medley for $51 million. The deal includes a 10-year lease with four five-year renewal options, allowing SeaVee Boats to remain at the site. The property, located at 11081 Northwest South River Drive, comprises three warehouses spanning 186,400 square feet.
Sagard Real Estate, led by Mark Bigarel, financed the purchase with a $30.6 million loan from BMO Bank. The transaction breaks down to $273 per square foot, a significant premium to the $5.3 million SeaVee Boats paid for the 9.1-acre site in 2016.
The sale of the SeaVee Boats headquarters provides Sagard Real Estate with a strong foothold in the South Florida market, where demand for industrial space is on the rise. The region's strategic location, with access to major transportation hubs and a growing population, makes it an attractive location for logistics and distribution companies.
Avison Young's Michael Fay and John Crotty represented SeaVee Boats in the transaction, while Joel Kattan and Anthony Peragine with SVN Commercial Realty represented Sagard Real Estate.
The two deals highlight the shift in South Florida's commercial real estate market, as investors and developers seek to capitalize on the growing demand for industrial space. As the region continues to evolve, it is likely that we will see more redevelopment projects emerge, transforming aging office parks into modern logistics hubs.
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SeaVee Boats sells Medley HQ for $51M in leaseback deal
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Bridge lands $57M construction loan for Doral office-to-industrial redev
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