A fast-growing startup for e-commerce fulfillment will be the first tenant in the new Bridge Point Riverbend facility in Fort Laudedale — a lease secured by a local Colliers team.
ShipMonk is moving from its 90,000-square-foot Deerfield Beach facility to a 170,000-square-foot space at the industrial-office building at 2201 W. Broward Blvd.
Colliers International South Florida industrial services vice president Erin Byers in Miami and executive vice president Steven Wasserman in Fort Lauderdale secured the lease on behalf of Bridge Point Riverbend developers and owners. They are prolific industrial space builder Bridge Development Partners LLC and Aventura-based real estate investor Elion Partners.
The deal closed Nov. 21.
Byers declined to disclose the lease duration and exact rate, only allowing it’s between $10 million and $15 million.
“Part of our marketing process for this project has been very targeted marketing toward e-commerce, what they call third-party logistics companies,” Byers said. “During that process is how we were able to uncover ShipMonk and their growing need. And what attracted ShipMonk to this specific building was a) location and b) timing.”
ShipMonk, started by Jan Bednar, provides fulfillment services to small- and medium-sized e-commerce retailers, or the logistics for the merchants to ship their products from suppliers to customers, according to the company’s website.
CBRE senior vice president Tony Hoover in Boca Raton represented ShipMonk in the lease.
The Bridge Point Riverbend will serve as ShipMonk’s last-mile fulfillment warehouse and office, or the facility from which products make their last trip before reaching consumers, Byers said.
That’s why the facility’s location — just west of Interstate 95 and a short drive from the on- and off ramps, north of Broward Boulevard and near growing downtown Fort Lauderdale — makes it ideally suited for last-mile delivery.
“It just goes to show the growing demand for e-commerce fulfillment needs to accommodate the growing population in South Florida. The Bridge Point Riverbend project being located just off 95 and Broward Boulevard can help them service that last-mile delivery, and that was a large reason why they chose our project,” Byers said.
“For example,” Byers continued, “downtown Fort Lauderdale with all of their residential units and condos, all of that growing population that becomes centralized, they (ShipMonk) need to be as close to that condensed population as possible.”
Another thing that attracted ShipMonk to Bridge Point Riverbend: Already built-in office space. ShipMonk’s 170,000-square-foot space, which is 77 percent of the total 221,542 building square footage, includes 5,000 square feet of office space.
Bridge Development constructed the building with some office space, which not every industrial developer does, but that cuts move-in times for tenants as they don’t have to wait for the offices to be built.
The growth of e-commerce coupled with the growth of South Florida’s population has created an appetite for last-mile industrial facilities like Bride Point Riverbend.
“Developers are, Bridge in particular is, trying to find sites that can accommodate those types of facilities and that’s really what the industrial sector is seeing as one of the biggest challenges to overcome,” Byers said. “Developers are filling in lakes and redeveloping golf courses and landfills in order to capture sites that can locate these well-located” projects.