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11/21/23
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Bridge Logistics Properties recently acquired an 84.5k sf warehouse property in the East Bay city of Newark. The property is located at 37580 Filbert St, west of I-880, roughly midway between San Jose and Oakland.
The property’s proximity to major transportation routes, including I-880 and the Dumbarton Bridge, offers unparalleled connectivity between the East Bay and Silicon Valley.
The warehouse is 100% leased to Vital Records Control (VRC), a leading offsite record storage company, for several more years. VRC has a long operating history in the facility and has made significant investment in the building, emphasizing the importance of this location for their operations.
The acquisition is particularly strategic given the infill location and the high barriers to entry in the City of Newark. The city's stringent requirements for new industrial development, coupled with a muted development pipeline, have created a persistent supply/demand imbalance in this submarket.
“The Bay Area is an important target market for BLP as we continue to grow our West Coast logistics portfolio. Despite current market volatility we believe in the Bay Area’s long term durability given its dense population, logistics infrastructure, and high barriers to new supply,” said Paul Jones, Managing Director of BLP.
Mark Geisreiter, Mike Spiro and Seth McKinnon of Newmark were involved in brokering the transaction. The price was not disclosed.
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