|Bridge Development Partners LLC has delivered nearly 1 msf of Class A industrial product and acquired more than 4.5 msf of future development across California in 2019. Across California in 2019, Bridge completed eight acquisitions in eight municipalities with a total consideration in excess of $450 mil.
Bridge remains confident about the regional economy as well as steady industrial user demand, and expects to acquire many more development sites in the state. Here is a summary of the firm’s activity in 2019:
Los Angeles County:
• Acquired ‘The BoxYard’, a 261.5k sf industrial property located on 7.54 acres at 2445 East 12th St in Los Angeles. Bridge plans to redevelop it into a unique, destination industrial asset within Los Angeles’ burgeoning Arts District. The firm has made significant enhancements to both the exterior and interior of The Box-Yard to provide it with a brilliant contemporary identity that fits within its stylish urban surroundings.
• The company broke ground on Bridge Point Vernon, a site that was acquired in 2018. Also located in the heart of the central Los Angeles submarket, the 8.2-acre site is now home to a 117.4k sf distribution center, serving tenants seeking industrial space in close proximity to the central business district of Downtown L.A. This building was delivered in January 2020 and immediately sold to a user.
• In late 2019, Bridge acquired a 6.5-acre site in Santa Fe Springs just north of the Carmenita Rd and Rosecrans Blvd intersection. The site, a former chemical mixing and distribution center, will be demolished and remediated in the first half of 2020 to make way for a state-of-the-art, 150.5k sf industrial warehouse.
• Bridge purchased a four-acre site in unincorporated Los Angeles County near the intersection of I-110 and Rosecrans Blvd. The site will be home to a new 100k sf industrial development that will break ground in the second quarter of 2020. The facility will be available for lease in the extremely competitive South Bay submarket.
• The company is redeveloping a formerly active asphalt refinery along the Artesia Boulevard corridor in North Long Beach. Over the course of 2019, the 75-year-old refinery was demolished, and remediation and ground improvement began at the property. Bridge will break ground on the vertical construction of a state-of-the-art, 416k sf warehouse facility on site in the second quarter of 2020. The building will be the largest new development of its kind in the South Bay submarket of Los Angeles.
• Bridge acquired the former Scandia Fun Center in Ontario. The company demolished the existing 11.9-acre property and is currently constructing two Class A industrial buildings totaling 268.7k sf. When completed in 2Q 2020, the two buildings will feature a total of 18k sf of office space, as well as ample exterior docks and car parking. The two-building development will be sold on a forward-commitment basis to a major international financial fund.
• The company acquired 91 acres immediately adjacent to the I-10/1-15 interchange on 4th St in Rancho Cucamonga. Bridge purchased the property for $191 mil in the largest non-portfolio sale in the history of the Inland Empire. Bridge closed on the property with a 30-day escrow period and was able to procure a $200 mil construction loan prior to close.
• Situated on 32 acres on Agua Mansa Rd in the County of San Bernardino, Bridge Point South Rialto is a 36' clear Class-A industrial building totaling 505.9k sf. This project was completed and sold on a forward-commitment basis to a major international financial fund in December 2019.
• Bridge purchased 24 acres from General Electric in Oakland on International Blvd, one mile east of I-880. The site historically was used as a transformer manufacturing facility and subsequently has had both EPA and California-DTSC oversight. Prior to the close of escrow, Bridge reached an agreement with the EPA and DTSC to redevelop the property while conducting environmental cleanup to the high standards of both agencies. Groundbreaking on the new 540k sf building is scheduled to occur in spring 2020.
• The firm broke ground on Bridge Point Silicon Valley. Located in Milpitas, the 34.5-acre site will be developed into a two-building project comprised of 722k sf. To be delivered 4Q 2020, Bridge Point Silicon Valley will be the largest industrial development delivered in the South Bay / Silicon Valley in 2020 and one of the largest active developments in all of Northern California.
Including the current ongoing development, Bridge has a total of 12 msf of planned development in the pipeline across California. According to Kevin Finnegan, Director of Acquisitions at Bridge and Market Leader for the Los Angeles and Orange County markets, the company is aligned with a well capitalized and opportunistic focused capital partner in Banner Oak Capital Partners, L.P. The Banner Oak relationship allows the Bridge California team to acquire large, complex projects in short time periods.
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