Leading national investment manager and real estate operating company to deliver 3.97 Million SF of development across Southern California and the Bay Area in 2023
LOS ANGELES (March 14, 2023) – Bridge Industrial (“Bridge”), a privately-owned, vertically integrated real estate operating company and investment manager, today announced a development pipeline in Southern California and the Bay Area of nearly 4 million square feet of state-of-the-art industrial facilities across 12 buildings delivering in 2023.
“Southern California and the Bay Area continue to experience some of the lowest vacancy rates in the nation, and Bridge’s current pipeline is well-positioned to meet the needs of top-tier industrial users seeking modern, last-mile warehousing space” said Greg Woolway, Senior Vice President, Investments at Bridge Industrial. “Due to persistent strong market fundamentals in California, Bridge will continue to make strategic acquisitions across the state in 2023 to further grow its development pipeline and value-add investment strategy.”
Bridge’s pipeline of recently and soon-to-be completed development activity across the state is as follows:
- Bridge transformed an end of production oil field into Bridge Point South Bay V and VI — two state-of-the-art industrial facilities measuring 100,528 and 107,733 square feet, respectively. Ideally situated in the desirable Los Angeles-area submarket of Gardena in the South Bay with excellent access to LAX and the Ports of Los Angeles and Long Beach, both buildings will be complete as of April 2023 and available for occupancy.
- Bridge Point South Bay II, a 203,877-square-foot facility, which will be complete in Q2 of this year, situated in a prime South Bay location just nine miles from the Ports of Los Angeles and Long Beach. Bridge Point South Bay VII, totaling 174,211 square feet, will also be complete in Q2 and is a high-image industrial development located at the foot of the Palos Verdes peninsula, and is also less than six miles from the Ports of Los Angeles and Long Beach.
- Marking another critical milestone for the state’s industrial supply, Bridge Point Rancho Cucamonga I and II, will be the largest single phase logistics campus in California. Totaling 2,175,021 square feet, the two-building development is situated in the heart of the Inland Empire less than one mile from the intersection of I-15 and I-10 and less than 60 miles from the Ports of Los Angeles and Long Beach — providing immediate access to Southern California’s network of freeways and superb national connectivity as the most significant new logistics campus on the West Coast. Bridge plans to deliver both Bridge Point Rancho Cucamonga I (1.42 million square feet) and Bridge Point Rancho Cucamonga II (752,000 square feet) in August 2023.
- Bridge is set to deliver the largest new industrial development in the Bay Area, Bridge Point Oakland, to market in Q2 of this year. Totaling 534,242 square feet and located less than one mile from I-880, and approximately five miles from the Port of Oakland and OAK International Airport, this modern, turn-key warehouse will meet the demand from the influx of logistics and distribution tenants flooding this supply-constrained and strategically located East Bay Area submarket.
- In keeping with Bridge’s foundational strategy, the firm recently demolished two antiquated industrial facilities in the City of Vernon, just a few miles from Downtown Los Angeles and its rapidly growing consumer base, to make way for the two new warehouses: Bridge Point Vernon II and Bridge Point Vernon III. Bridge Point Vernon II will total 209,078 square feet and Bridge Point Vernon III will measure 185,089 square feet. Ready for users to capitalize on the business friendly environment in the City of Vernon including attractive utility rates, both facilities are under construction and expected to be delivered during the first half of 2024.
- Building on its current momentum in the Los Angeles industrial market, Bridge acquired the future site of Bridge Point Commerce I and II in Central Los Angeles in Q4 of 2022. Featuring I-5 frontage, the two industrial buildings will total 152,337 square feet collectively and will be ideal for a diverse range of tenants when Bridge delivers them turnkey for immediate occupancy in Q4 of 2024.
- Most recently, In January 2023 Bridge acquired 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. Demolition of the previously underutilized parking lot in the City of Los Angeles commenced in February to make way for the future development set for delivery early 2024.
“We remain bullish on the sector’s prospects into 2023, and confident in the strength of our capital partners and Bridge’s abilities to continue delivering state-of-the-art industrial assets and meeting the needs of the industry-leading companies in the sought-after and extremely supply-constrained areas of California.”
The firm’s California team — led by Wilson, Woolway; Kevin Finnegan, Vice President, Investments; Connor Thomas, Vice President, Investments; and Greg Stumm, Director, Investments — continues to seek opportunities for further expansion across Los Angeles County, Orange County, the Inland Empire, and the I-880 Corridor in the Bay Area.
Bridge continues to grow its presence throughout California, with over 40 buildings across 26 developments completed or under construction in the state to-date. Having secured over 9.5 million square feet of buildings in California 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 and light industrial users.