December 6, 2021
TypeDeal, Press Release
Leading industrial developer and investment manager adds 300,000+ SF to growing Northwest portfolio to meet continued demand for last-mile industrial facilities
SEATTLE (December 2, 2021) –– Bridge Industrial (“Bridge”), a privately-owned, vertically integrated real estate operating company and investment manager, today announced that it has acquired two new sites within the Tacoma submarket to build 119,320 square feet and 205, 420 square feet, respectively — to serve as the future homes of Bridge Point Tacoma 125 and Bridge Point Tacoma 210.
The site for Bridge Point Tacoma 125, located at 10002 Street South in Tacoma, Wa. was originally three parcels across 7.09 acres, which Bridge acquired from one seller. The planned 119,320-square-foot industrial building will include 32-foot clear ceiling heights, 20 dock-high doors, and nine parking stalls for trailers.
The Bridge Point Tacoma 210 site was an assemblage of seven parcels acquired from four different sellers, and is located at 10917 34th Avenue East in Tacoma. Spanning 13.14 acres, the 205,420-square-foot development will also feature 36-foot clear ceiling heights as well as 50 dock-high doors and 33 trailer parking stalls.
The two sites sit approximately three miles from each other, putting them both one to five miles from the I-5 four-way interchange; 10 to 14 miles from the Port of Tacoma; and a roughly 11- to 15-minute drive from the 2.5 million-square-foot Bridge Point Tacoma 2MM, which Bridge acquired in late September.
“This flurry of acquisition activity is a result of our mission to meet the incredible demand for state-of-the-art industrial space across the region, as both consumer and business populations continue to grow. E-commerce and third-party logistics users need the kind of immediate access to main thoroughfares that these sites can provide more than ever, especially as shipping costs increase and supply chain issues persist,” said Justin Carlucci, Partner for Bridge’s Northwest Region. “These two developments enable us to cater to a variety of tenant space needs, regardless of size. Not only are we bringing updated, modern industrial product to market in this supply-constrained area, but we’re also creating distribution hubs in close proximity to both the end consumer and a huge labor force.”
Both developments are set to break ground in Q2 of 2022, and are expected to be delivered in Q1 of 2023.
Scott Price and Theron Meier of Neil Walter Company represented Bridge in the Bridge Point Tacoma 125 transaction. Mike Newton, Kraig Heeter and Travis Stanaway of Kidder Matthews brokered the Bridge Point Tacoma 210 acquisition.
With the global pandemic catalyzing the growth of e-commerce across the country, and population surges in the Seattle and Portland markets, 2021 has continued to be extremely successful for Bridge. Since first opening its Seattle office in 2018, Bridge has acquired land to develop and/or developed over 7 million square feet of Class A industrial product throughout the Northwest Region — most recently including 160 acres to be the future site of Bridge Point Tacoma 2MM and 17.5 acres for its SeaTac 300 development. Bridge continues to seek opportunities to develop modern industrial facilities in the most supply-constrained core infill industrial markets.