Bridge Development Partners, LLC announced today the acquisition of a 2.89 -acre property at 1710 136th Avenue East in Sumner, Wash., where it will begin development on Bridge Point Sumner 60. This is the second property Bridge has closed on in the Seattle market in the last eight months.
Acquired from an independent seller, the property will be home to a completely new building totaling 64,574 square feet. Features of the new building will include 30-foot clear ceiling heights, an ESFR fire sprinkler system, three grade-level doors, ten dock-high doors, a 120-foot truck court and parking for 54 cars.
The building’s smaller overall footprint – which includes flexible space options ranging from 20,000 to 65,000 square feet – is designed specifically to meet the needs of smaller companies, which make up the majority of the Seattle-area’s industrial tenant base.
Bridge expects to break ground on the development in the next 30 days, and complete construction by Q1 of 2020.
“The Seattle industrial market remains among the country’s most dynamic, as a surging economy and strong population growth is creating continuous demand from users,” said Justin Carlucci, Partner, Northwest region at Bridge. “However, much of the new product being delivered is designed specifically for larger tenants. By creating a state-of-the-art development like Bridge Point Sumner 60, we are perfectly positioned to cater to smaller companies, who make up a broad share of the tenant base in this area.”
Bridge Point Sumner 60 is advantageously located less than a mile away from the Highway 167 interchange in Sumner. It is only 15 minutes from Highway 18, 19 minutes from I-5, and 25 minutes from the Port of Tacoma.
Kermit Jorgensen and Scott Price from Neil Walter company brokered the deal for Bridge and will also serve as leasing agents for the project.
Bridge Point Sumner 60 is the second property Bridge has closed on in the Seattle market over the last eight months and the third property that it has acquired in the Pacific Northwest. Its other projects are Bridge Point Lacey in Seattle and Bridge Point I-5 in Portland.