February 14, 2023
Real estate operating company and investment manager acquires 4.56-acre lot near Burbank Airport for industrial development
LOS ANGELES, Calif. (February 14, 2023) – Bridge Industrial (“Bridge”), a privately-owned, vertically integrated real estate operating company and investment manager, announced today the acquisition of a nearly 5-acre property strategically located adjacent to the Hollywood Burbank Airport to be the future home of the 106,526-square-foot ‘Bridge Point North Hollywood’. The planned development marks Bridge’s 26th acquisition in California since opening its Los Angeles based office in 2015, and first foray into the San Fernando Valley submarket.
Bridge acquired the site, located at 6950 North Tujunga Avenue in North Hollywood, Ca. in an off-market transaction from a private seller. Paul Sims with Cushman & Wakefield represented the seller in the transaction. Bridge will begin demolition this month. Bridge Point North Hollywood is scheduled to be delivered during the first half of 2024.
“We’re eager to deliver this state-of-the-art facility for both traditional logistics users as well as the increasingly discerning media companies and their supporting industries seeking modern industrial facilities in the San Fernando Valley submarket,” said Heather Crossner, Senior Vice President, Development at Bridge Industrial. “We are grateful to the City of Los Angeles for seeing the value in this development and working with Bridge to fully entitle Bridge Point North Hollywood.”
Bridge Point North Hollywood will be a state-of-the-art warehouse facility offering 10,000 square feet of turnkey office across two stories, dock packages and warehouse lighting. It will also feature 32-foot clear heights; 12 dock-high doors; a fully secure 135-foot truck court; an ESFR sprinkler system; and parking for 64 cars. The facility’s contemporary architectural design, including clerestory glass and extensive landscaping, will reflect the demand for a new modern standard of industrial warehouse across the Southern California region — and will be designed and developed in accordance with Bridge’s high ESG standards.
Paul Sims with Cushman & Wakefield will work closely with Kevin Finnegan and Greg Stumm of Bridge Industrial to market the project for lease effective immediately. Ideally located in the heart of the San Fernando Valley, Bridge Point North Hollywood is adjacent to the Hollywood Burbank Airport; 16 miles from Downtown Los Angeles, and just three miles to I-5, CA-170, CA-134, and US-101 — affording prospective tenants superior access to 1.8 million San Fernando Valley residents.
“This acquisition falls in line with Bridge’s long-held strategy of developing well-located urban infill industrial properties as we continue to see record-low vacancies in markets such as Los Angeles,” said Greg Woolway, Senior Vice President, Investments at Bridge. “The demand from a variety of warehouse users, but particularly those in the logistics, manufacturing, and studio entertainment sectors, keeps us confident that this thoughtfully-designed development will meet the needs of a top-tier tenant.”
Bridge continues to grow its presence in the Los Angeles market and throughout California, with over 40 buildings across 26 developments completed or under construction in the state to-date. Having secured over 9 million square feet of buildings in the area valued at $2.7 billion, Bridge continues to pursue the acquisition and development of modern industrial logistics facilities in addition to value-add and core-plus opportunities in the most supply-constrained core infill industrial markets across the United States and the United Kingdom that can meet the steady demand for port uses, last-mile delivery, and to serve logistic needs for widest variety of users.