Bridge Development Partners, LLC announced today that it has acquired and broken ground on a 34.5-acre site in Milpitas, California, to be developed into a 722,040-square-foot industrial facility, Bridge Point Silicon Valley.
The site, located at 205 N. McCarthy Blvd., is comprised of two buildings. Building I will measure 333,800 square feet, while Building II will total 388,240 square feet. Both facilities are planned to have 36-foot clear ceilings and 185′ truck court depths. Bridge Point Silicon Valley also features a modern architectural design with exposed wood grain soffit and ornate curtain wall system.
“We’re incredibly excited to commence development of our first acquisition in the Silicon Valley,” said Greg Woolway, Vice President at Bridge Development Partners and Market Leader for Bridge in the Bay Area. “Growing our presence in the Bay Area is crucial to Bridge’s strategic growth in California. We currently have 17 projects totaling more than 12.5 million square feet in our pipeline – focused in the Bay Area, Los Angeles County and the Inland Empire.”
Bridge acquired the site from Hudson Pacific Properties in 2019 and is expected to deliver Bridge Point Silicon Valley in Q4 of 2020. The site has historically been undeveloped and sits at a critical intersection for both Silicon Valley and traditional industrial users. Facebook and Apple are located nearby, as well as Tesla – creating significant opportunity for a wide variety of tenants in technology and other industries at the site.
Bridge Point Silicon Valley is conveniently located along the I-880 corridor, which has consistently ranked as the preeminent Bay Area industrial market due to the presence of both leading technology players and traditional warehouse facilities. The site also has access to Route 237 and I-680, making it an ideal location for tenants in shipping, logistics and other industries.
“The region is experiencing significant demand from technology, e-commerce, and logistics users, and Bridge Point Silicon Valley is uniquely positioned to service the groups that require warehouse space in close proximity to the many leading technology companies in this area,” added Woolway. “We are thankful to the City of Milpitas for their dedicated partnership and support throughout the process of this acquisition, and look forward to completing a development that can serve as a true cornerstone for Bridge’s growing Bay Area portfolio.”
Jason Ovadia and Greg Matter of JLL are the leasing brokers for the project.