Bridge Development Partners Announces over 207,000 SF of Leases in Seattle Area
Bridge Development Partners, LLC announced today the signing of four high caliber tenants at three of its newest Class-A facilities in the Seattle area, namely its Bridge Point Kent, Bridge Point Lacey, and Bridge Point Sumner 60 developments.
The past year proved extremely active for Bridge in the Seattle & Portland markets. In 2019, Bridge had over 2 million square feet of Class-A industrial product under construction with an additional 3 million square feet of future development in the pipeline. These strategically located sites were able to attract a superior roster of tenants including:
- Reflexxion Automotive Products, which specializes in after-market auto parts such bumpers, absorbers, hoods and other parts, signed a 33,476-square-foot lease at Bridge Point Lacey’s Building B in Lacey, Wash. The long term lease is set to commence in March.
- Also at Bridge Point Lacey, moving company A&E Relocation Services has signed a 44, 528-square-foot lease in Building C that is set to begin in February.
- At Bridge Point Sumner 60 in Sumner, Wash., a 31,859-square-foot lease was signed by Palmer Johnson Power Systems. The machine and equipment distribution company committed to a long term lease that is set to commence May 1, 2020. Bridge Point Sumner 60 is expected to be delivered by the end of Q1.
- Spicers Paper, an independent regional paper company, most recently signed a long term lease at Bridge Point Kent in Kent, Wash. The 97,522-square-foot lease, which is for the entirety of Bridge Point Kent, will begin on April 1, 2020.
Bridge’s Andrew Hurwitz, who was recently promoted to Senior Director, played an instrumental role in securing these leases. In his new role, Hurwitz will be leading all leasing efforts for the Northwest region, as well as overseeing the financial aspects of all projects. On top of leading regional leasing activity, Hurwitz will also have increased involvement in overseeing all acquisitions and developments.
“Andrew has proven to be an invaluable member of our team since he joined in early 2018,” said Justin Carlucci, Partner, Northwest Region. “He has been expertly handling our large volume of leasing activity and has created a strong amount of velocity in the Seattle market for the company as a whole. I know I speak for everyone at Bridge when I say that we are eager to see him grow and flourish in his new role.”
Prior to this promotion, Andrew served as an Associate for Bridge Development Partners, during which he was responsible for the financial underwriting of industrial development across multiple markets – Chicago, South Florida, and the Pacific Northwest. He was also responsible for conducting market analyses, preparing investment memorandums, managing and processing due diligence documents, and assisting with debt and equity financing.
Before joining Bridge, Andrew served as an investment banking analyst at Jeffries from 2015 to 2017. During his time at Jeffries, he constructed valuation and financial models, analyzed strategic alternatives for clients, and acted as the sole industrial analyst for sell-side processes. Andrew was also the top ranked analyst in his group for both his first and second years at Jeffries.
“I’m looking forward to this new chapter with Bridge, and am excited to continue to expand the expertise I’ve developed over the past two years with the company,” said Andrew Hurwitz, Senior Director. “The Seattle market has proven to be a highly active one, with ever-growing demand for Class-A industrial space. I am very excited to broaden my efforts in this market and to help Bridge increase its portfolio in the Pacific Northwest.”
Hurwitz will play a strong role in creating and nurturing relationships with current and future leaseholders at Bridge’s Seattle developments. Continuing with the strong momentum in the Seattle market, Bridge Development Partners is looking to expand its portfolio in the region even further with development, value add and cold storage products.
