April 5, 2021
TypeDeal, Press Release
Bridge Development Partners, LLC (“BRIDGE”), a privately-owned development and acquisition firm of Class A industrial properties, has announced the acquisition of a 4.23-acre property in Lakewood, Washington, which will be the future site of Bridge Point Lakewood 90, through a joint venture partnership with PCCP, LLC (“PCCP”).
The property sits within the South Tacoma submarket, just an hour drive from seven of Washington’s ten most populated cities, and has immediate access to I-5 via a four-way interchange just two minutes from the property. The site is also strategically located less than 20 minutes from the Port of Tacoma — the area’s largest and most active seaport — to which it has direct access via I-5.
BRIDGE plans to break ground on the 92,445-square-foot building in May of this year, with delivery expected in Q1 of 2022. Bill Condon and Matt McGregor of Colliers International represented the Seller in the transaction and will serve as the leasing brokers for the project.
“The Lakewood area is now an up-and-coming industrial hotspot, having seen a massive uptick of development to meet the demand for e-commerce distribution centers and logistics facilities. The South Tacoma submarket specifically is ideal for major e-commerce players, blue chip companies, and other tenant types alike,” said Justin Carlucci, Partner for BRIDGE’s Northwest Region. “Since entering the burgeoning Greater Seattle market three years ago, BRIDGE has continued to establish itself among the premier developers in the region. We are both proud and excited to announce our plans for Bridge Point Lakewood 90, and look forward to it serving as a new chapter for our growing presence and success in the Tacoma area.”
Previously a vacant gravel lot, Bridge Point Lakewood 90 will be a state-of-the-art industrial warehouse and distribution facility featuring a front-load configuration; 32-foot clear ceiling heights; ESFR sprinklers; LED lighting; a 125-foot truck court; 14 exterior dock doors (four drive-in); and parking for 88 cars.
“This marks PCCP’s second transaction and first equity joint venture with Bridge Development Partners,” said Dorian Farhang, Vice President with PCCP. “We’re excited to be an equity partner with BRIDGE, as well as a construction lender on a separate transaction. Lakewood has grown into a high-demand industrial market and we look forward to this speculative development with BRIDGE’s local Seattle team.”
BRIDGE also recently acquired the future site of Bridge Point I-5 Seattle in December 2020, shortly after 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 2.34 million square feet in the coming years.