Bridge Development Partners has announced the acquisition of 117 acres in Milton, Washington, to be the future site of Bridge Point I-5 Seattle — a four-building, 1,943,061-square foot state-of-the-art industrial park, which marks the largest project in the Seattle region for BRIDGE to date.
The site sits just three miles from the Port of Tacoma, the region’s largest and most active seaport, and allows for direct access to the port via Highway 99. Prior to BRIDGE’s acquisition, the private seller operated a grading and mining business onsite for almost 30 years.
BRIDGE will deliver Bridge Point I-5 Seattle in two phases. Phase I, consisting of the 1,021,791-square-foot cross-dock facility, will be delivered in Q1 of 2023; while Phase II, encompassing the three single load buildings totaling 921,270 square feet, will be delivered in 2024.
Mike Newton with Kidder Mathews represented BRIDGE in the transaction and will be retained as the leasing agent on the project, while Bob Naber with NAI Puget Sound Properties represented the seller.
“A project of this size in such close proximity to the Port of Tacoma, I-5 and the major population centers is a rarity in the Greater Seattle market. With the development of Bridge Point I-5 Seattle, we’ll be able to deliver a modern campus with the ability to accommodate large tenants — such as technology or manufacturing giants and e-commerce users — that have never before had the option of leasing state-of-the-art industrial space in this prime location,” said Justin Carlucci, Partner for BRIDGE’s Northwest Region. “As Seattle continues to attract new residents and businesses, this campus represents a key piece of infrastructure to support booming supply chains and ensure the region’s economy can continue to grow.”
Of the 117 acres acquired, 89 acres will be used in the development of Bridge Point I-5 Seattle. The four planned state-of-the-art, Class A industrial buildings will vary in size, ranging from 119,022 square feet up to 1,021,791 square feet. The facilities will also feature 32- to 40-foot clear heights; ESFR sprinklers; LED lighting; 1,218 total car-parking spaces; and 130- to 185-foot truck courts.
Bridge Point I-5 Seattle will sit within the city of Milton, which is set in the core industrial pocket of the Seattle region directly adjacent to I-5. The site is also within a 35-minute drive of six of Washington’s 10 most populated cities. Additionally, tenants at Bridge Point I-5 Seattle will have easy access to four-way interchanges of all the major thoroughfares servicing the region: I-5, Highway 167, Highway 18, and I-405, the latter of which serves cities east of Seattle where companies such as Costco, T-Mobile, and Microsoft are headquartered.
The acquisition of Bridge Point I-5 Seattle comes just one week after BRIDGE announced its acquisition of Bridge Point Kent 300, a two-building 309,028 square foot industrial campus in Kent that is set to deliver in early 2022. 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 2.25 million SF in the coming years.