August 30, 2021
TypeDeal, Press Release
Redevelopment of former asphalt refinery site includes extensive environmental remediation and expedited entitlement process, clearing the way for sustainable, EV-enabled industrial facility
LONG BEACH, CA (August 30, 2021) Bridge Industrial (“Bridge”), a privately-owned, vertically integrated real estate operating company and investment manager, announced today that it has completed both its intensive environmental remediation of 2400 E. Artesia Boulevard and construction on Bridge Point Long Beach — a 415,320-square-foot, Class A industrial facility in the premier South Bay submarket.
Bridge had initially acquired the property, the former home of a multi-decade-year-old asphalt refinery, in 2019. Following the acquisition, Bridge replaced the outdated facility with a sustainable 416,000-square-foot warehouse complex with 21,000 square feet of dedicated office space; 453 parking stalls, including 104 outfitted with electric vehicle chargers; 61 trailer parking stalls; 36-foot clear ceiling heights; extensive landscaping; a solar-ready roof and ESFR sprinkler systems.
Planned and approved by the City of Long Beach as part of the continued renewal of the Artesia Boulevard corridor, the project included substantial environmental remediation of the property with oversight by the Southern California Regional Water Quality Control Board as well as South Coast Air Quality Management District when demolishing the refinery.
The building was pre-leased prior to its completion in August to a leading transportation and logistics provider of choice for the U.S. Postal Service for its warehousing and distribution operations. The company will begin its occupancy in September and is seeking to hire several hundred new employees.
“This extremely transformative and complex environmental remediation is exactly the kind of project that Bridge excels in — and allowed us to once again create enormous value out of a previously obsolete brownfield site,” said Brian Wilson, West Region Partner at Bridge Industrial. “Our incredible development team was able to leverage its broad expertise to develop a state-of-the-art facility in the heart of a thriving e-commerce and logistics hub. The completion of that work has allowed us to not only capture a desirable tenant at a tremendous rate, but also provide a broad and positive impact for the community of Long Beach.”
Bridge was able to partner with the City of Long Beach on a comprehensive but streamlined approach to the entitlement process, which allowed Bridge to obtain City approval on an expedited basis and quickly begin remediation of the site. Bridge removed multiple tons of oil tanks and steel from the site throughout its demolition and cleanup, before installing an environmental remediation system that will continue to ameliorate the property over time.
In addition to the transformation of the site itself, Bridge Industrial provided a $250,000 community benefits package to support local community initiatives in North Long Beach, for programs that include arts, youth, civic engagement and revitalization in the area during the global pandemic at a time when it was most impactful.
Bridge Point Long Beach boasts a prime location in a supply-constrained, low vacancy market. According to a recent report from a leading real estate brokerage firm, vacancy in the South Bay market sits at less than one percent. Situated less than 15 miles from the Port of Long Beach and the Port of Los Angeles — and offering direct routes to the San Pedro Bay Port Complex, as well as immediate access to Freeways 710, 91, and 605 — the property offers a significant advantage to transportation, ecommerce, and last mile tenants.
The completion of this project represents another success of Bridge’s long-standing strategy of adding value and bringing transformative industrial offerings to market in the country’s most sought after regions. Bridge has acquired and/or completed development on over 10 million square feet of Class A industrial product in the state of California reaching from the LA Basin and into the Inland Empire in Southern California as well as the Bay Area in Northern California since opening its regional office in 2015, and continues to seek opportunities to develop modern industrial facilities in the most supply-constrained core infill industrial markets.