Industrial developer’s extensive entitlement, construction work clears path for e-commerce company to occupy 388,240-SF industrial facility in Milpitas, Calif.
Milpitas, CA (Aug. 31, 2021) – Bridge Industrial (“Bridge”), a privately-owned, vertically integrated real estate operating company and investment manager, announced today that it has completed its development of Bridge Point Silicon Valley — a 388,240-square foot state-of-the-art industrial facility in Milpitas, California located on 34.5 acres.
Bridge purchased the site in 2019 and was able to secure a long-term lease agreement with a major e-commerce company prior to groundbreaking. The development commenced in Spring 2020.
The construction process, which began in Spring 2020, was designed based on the lease agreement, which commenced July 2021. The company will use the entirety of the 34.5-acre site, which includes both the warehouse facility and surface parking for vehicles that will help distribute goods throughout San Jose, Silicon Valley and the Greater Bay Area.
In order to accommodate the tenant’s needs, Bridge completed a complex entitlement process that included the completion of an Environmental Impact Report Addendum through the City of Milpitas, which in partnership with the city allowed for the approval of multiple variances that allow for the tenant’s unique planned activity at the site. Bridge also performed significant work to prepare the property for development, including extensive earthmoving and elaborate geotechnical engineering.
“We are extremely excited to have completed our work on Bridge Point Silicon Valley, and clear the way for this significant global tenant to occupy this brand new state-of-the-art facility,” said Greg Woolway, Bridge Industrial’s Vice President of Acquisitions. “Bridge’s outstanding development team overcame a number of significant challenges, including extraordinary geotechnical conditions and the ability to maintain the project development schedule through COVID in order to ensure this project was completed under budget and pre-leased. Bridge built lasting partnerships through the process with the tenant as well as the City of Milpitas who we look forward to working with again. We’re proud to officially welcome this new tenant and its workforce to the City of Milpitas at Bridge Point Silicon Valley and look forward to continuing our work creating modern industrial facilities that can fuel ongoing economic growth across the Bay Area and California.”
Located at 205 N. McCarthy Blvd., Bridge Point Silicon Valley has a signature modern architectural design featuring a natural wood façade with a bespoke paint application and an ornate curtain wall system.
Bridge Point Silicon Valley sits at a critical intersection for both Silicon Valley and traditional industrial users. The prime location along the I-880 corridor has made the area among the most desirable in the fast-growing Bay Area’s industrial market. The site also has access to Route 237 and I-680, making it an ideal location for the user’s logistics facility.
The completion of this project represents another success of Bridge’s long-standing strategy of adding value and bringing transformative industrial offerings to market in the country’s most supply-constrained core regions. Bridge Point Silicon Valley is Bridge’s first project in the Bay Area, and a key component of its growing California portfolio. Shortly after acquiring the site in 2019, Bridge acquired its second project in the Bay Area, Bridge Point Oakland, a 534,208-SF state-of-art industrial facility, which currently is the single largest industrial development in the East Bay.
Bridge has acquired and/or completed development on over 10 million square feet of Class A industrial product in the state of California, beyond the Bay Area and reaching from the LA Basin and into the Inland Empire in Southern California since opening its regional office in 2015, which represents 18 transactions of over $1.7 billion in total value. Bridge continues to seek opportunities to develop modern industrial facilities in the most supply-constrained core infill industrial markets.