April 15, 2021
TypeDeal, Press Release
Bridge Industrial (“Bridge”), a privately-owned development and acquisition firm of Class A industrial properties, has announced its acquisition of a 129,040-square-foot industrial facility located at 6901 Fox Avenue South in South Seattle. The site – Bridge Point Seattle 130 – is Bridge’s first value-add project in the Seattle region.
The existing industrial facility was built in 1977 and is one of the most functional buildings in its submarket, featuring a front-load design, a fenced and secured lot, 24-foot clear heights, an 85′ truck court, 26 exterior docks and ample car parking. The 5.42-acre site is currently leased in its entirety to a decades-long manufacturing and distribution tenant who will vacate in Q4 of 2023 — allowing Bridge to remediate the property, and make interior/exterior improvements to the building, landscaping and other features.
Bridge will use its longstanding expertise in cleaning up infill sites and work with Washington State’s DOE to provide environmental remediation over the next few years. All work on the property is expected to be completed by Q2 of 2024, after which the facility will be fully available to tenants.
“This property is the perfect choice for our first value-add acquisition in this region, as well as an ideal site to meet the region’s growing last-mile delivery needs. As we modernize and improve the building’s existing features, it will serve as a first-class facility for e-commerce, logistics, distribution and other warehouse users seeking modern industrial functionality and close proximity to Seattle’s population and Central Business District,” said Justin Carlucci, Partner for Bridge’s Northwest Region. “The transition and leasing of this building will be an exciting process, thanks in large part to the area brokers with whom we’ve formed such valuable relationships.”
Andrew Stark of CBRE represented Bridge in the transaction and will serve as the leasing broker once the project is complete.
Bridge Point Seattle 130 is strategically located less than five miles from the Seattle CBD, just 2.7 miles from the Port of Seattle, and only a 15-minute drive from the Sea-Tac Airport. Tenants will also have accessibility to I-5 via a four-way interchange less than a mile from the site. This submarket of Seattle continues to be a major industrial hub, having recently leased a warehouse space to Home Depot and Amazon less than a half a mile from Bridge Point Seattle 130.
Bridge also recently announced the acquisition of Bridge Point Lakewood 90, a future 92,445 square foot Class A facility in the South Tacoma submarket, Bridge Point I-5 Seattle, a four-building, 2 million square foot state-of-the-art industrial campus in Milton, and Bridge Point Kent 300, two state-of-the-art industrial facilities totaling 309,028 square feet. Since first opening its Seattle office in 2018, Bridge has developed 2 million square feet of Class A industrial product throughout the Northwest Region and acquired enough land to develop an additional 2.34 million square feet in the coming years.