September 29, 2021
TypeDeal, Press Release
Leading industrial operator and developer makes second 100+ acre acquisition in the Port of Tacoma region this year with former BNSF Railway property
SEATTLE (September 29, 2021) –– Bridge Industrial (“Bridge”), a privately-owned, vertically integrated real estate operating company and investment manager, today announced the acquisition of 160 acres of development to be the future site of Bridge Point Tacoma 2MM — a 2.5 million-square-foot industrial development.
Previously owned by the BNSF Railway, the site, located at 5802 South Burlington Way, Tacoma, Washington, has been vacant and in disrepair for several years. Upon Bridge’s acquisition, the company has committed to maintaining remediations performed prior to its purchase and any future required remediation for its proposed development.
Bridge Point Tacoma 2MM will span four buildings and feature approximately 20 acres of trailer storage space, in addition to 40-foot clear heights and expansive truck courts. The project can cater to tenant requirements from 100,000 square feet to 1.5 million square feet. Bridge will break ground on the state-of-the-art industrial campus in August of 2022 and expects to deliver the project in the summer of 2023.
Todd Clarke, Matt Murray, Matt McLennan, and Ty Clarke of Kidder Matthews represented Bridge Industrial in the transaction.
“As more e-commerce, technology, and logistics users flock to the Pacific Northwest — and the Greater Seattle region in particular — Bridge is excited to bring such a strategically located development of this scale to market. The proximity of this site to so many key transit options, such as the Port of Tacoma and I-5, make it ideal for a variety of users meeting the ever-increasing demand for last-mile and next-day delivery,” said Justin Carlucci, Partner for Bridge’s Northwest Region. “Our operations across the Northwest region have grown exponentially during our three and a half years in this market, and we look forward to creating more valuable infrastructure that can support the economy and the influx of new consumer and business populations.”
Bridge Point Tacoma 2MM benefits from a prime location with close proximity to I-5, Port of Tacoma, and major population centers. Users will have direct access to three 4-way interchanges onto I-5 and Highway 16, and will also benefit from the site’s position — within a 45-minute drive of four of the state’s six largest cities, ample labor population, and hubs for consumer activities.
The site is Bridge’s second 100+ acre acquisition in the past ten months, and its fifth acquisition in the Seattle market within the past year. In December of last year, Bridge acquired 117 acres in Milton, Washington for the future Bridge Point I-5 Seattle, a 2 million-square-foot, state-of-the-art industrial campus. Since first opening its Seattle office in 2018, Bridge has acquired and/or developed over 7.02 million square feet of Class A industrial product throughout the Northwest Region. Bridge continues to seek opportunities to develop modern industrial facilities in the most supply-constrained core infill industrial markets.