April 12, 2022
TypeDeal, Press Release
The investment manager and real estate operator has finalized a joint venture with LBG39 to develop 40 acres of vacant land for development of a 3-building, Class A industrial warehouse complex
Everett, WA (April 12, 2022) –– Bridge Industrial (“Bridge”), a privately-owned, vertically integrated real estate operating company and investment manager, today announced it has finalized a joint venture to develop a 40-acre parcel of land in the heart of Everett, Washington’s industrial hub, for the development of Bridge Point Soundview, formerly known as Soundview Innovation Campus.
Bridge and the parcel’s owner, LBG39, have formed a joint venture with plans to begin construction on the site immediately with an expected shell delivery date of Q3 2023. The completed project will include three state-of-the-art warehouse buildings spanning 278,506 square feet; 85,719 square feet; 121,458 square feet, respectively, for a total square footage of 485,683.
“In recent years, the Pacific Northwest has emerged as a booming center for manufacturing and distribution through the explosion of e-commerce and the influx of disruptive technology companies,” said Justin Carlucci, Partner for Bridge’s Northwest Region. “Bridge has a track record of developing modern, state-of-the-art warehouses throughout the Puget Sound region, and this project will bring a superior industrial campus to this supply-constrained market.”
The future Bridge Point Soundview is strategically located in Puget Sound’s hotbed of renowned aerospace, biomanufacturing, and engineering innovation — adjacent to Terra Power, Helion, Systima Technologies, MagniX, Seagen’s New Advanced Manufacturing Campus, and Boeing’s 787 and 777-X facilities — providing prospective users access to a highly-skilled workforce of top STEM talent, and the highest concentration of aerospace engineers in the country. Further, the site is within a ten-minute drive of Paine Field Airport and sits in close proximity to a wealth of local businesses and residences to best aid distribution and logistics activity.
Building I — the largest of the three — will feature 36-foot clear heights; 54 exterior docks; parking for 387 cars; and a 130-foot truck court. Building II amenities consist of 32-foot clear heights; 25 exterior docks; parking for 90 cars; and a 180-foot truck court. Building III characteristics include 32-foot clear heights; 32 exterior docks; parking for 104 cars; and a 180-foot truck court.
Daniel Seger, Blake Bentz and Thad Mallory of Newmark facilitated the acquisition of the property and will further serve as leasing agents for the project.
Bridge’s Seattle-based regional office maintained notable leasing and development momentum throughout the pandemic, consistently providing the region with modern, state-of-the-art, and strategically-located assets that support the growing population of residents and warehouse users throughout the Pacific Northwest. Since first opening its Seattle office in 2018, Bridge has leased over 1.5 million square feet of space to top-tier tenants and has acquired land to develop and/or completed development on over 7 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.