Bridge Industrial Leases Bridge Point Philadelphia to Veho
Veho will occupy a full building in Bridge Industrial’s two-building development
Chicago, IL: Bridge Industrial, a privately-owned, vertically integrated real estate investment manager and operating company that entered the Philadelphia market in 2022, recently signed a lease for 148,611 square feet with Veho, a technology company that has become one of the largest delivery platforms in America. Veho will occupy all of Building 1 in the newly developed two-building Bridge Point Philadelphia campus. Notably, this is the first Class A lease executed in the market in over a year.
The Bridge Point Philadelphia site was acquired by Bridge Industrial in March 2022. After extensive remediation and modernization, construction was completed in March 2024. The property features two industrial buildings totaling 890,312 square feet. Both buildings are LEED Gold certified. Building 2 spanning 741,701 square feet remains available for lease.
Veho’s technology platform enables some of America’s leading retail and e-commerce brands to get packages to customers faster and better than legacy carriers. Veho’s platform allows consumers to control when, where, and how their packages are delivered, to provide specific delivery instructions, communicate with their delivery driver-partner, and uses GPS, AI and machine learning to ensure packages are delivered as consumers expect and every delivery is better than the last. Veho’s approach drives an industry-leading 99% on-time delivery rate, 4.9 out of 5 customer satisfaction score, and ability to improve customer lifetime value by as much as 51% while reducing costs by 35%. Philadelphia is one of Veho’s largest markets nationwide.
JLL’s Larry Maister and Kyle Lockard represented Bridge Industrial and Barrett Stephan and Brian Hilger from KBC Advisors brokered the deal on behalf of Veho.
“Bridge Point Philadelphia showcases our proficiency in skilled remediation and delivering state-of-the-art industrial real estate to our core markets. The previously abandoned site required extensive environmental and geotechnical remediation which necessitated partnering with the City of Philadelphia on the detailed rezoning process,” said Jeff Milanaik, Partner, Northeast Region, Bridge Industrial. “We are honored to bring both a thriving industrial park and a tenant like Veho to support local economic growth.”
“This has been a key development project in our portfolio. In addition to remediating, rezoning, and transforming the site, we were also focused on finding the right tenants,” said Connor Milanaik, Senior Director, Investments at Bridge Industrial. “We are thrilled to have secured a leader in the last-mile category that will add great value to the market and surrounding community.”
About Bridge Industrial
Bridge Industrial transforms complex real estate opportunities into irreplaceable industrial assets. A privately-owned, vertically integrated real estate investor and developer, the firm seeks sites where it can leverage its expertise in complex transactions, skilled site remediation and development, creative property solutions, and successful leasing. Bridge pursues opportunities in high-barrier-to-entry markets worldwide that meet the steady demand for last-mile and next-day delivery. The firm operates in Chicago, Miami, New Jersey, New York, Los Angeles, San Francisco, Seattle, and London. Since its inception in 2000, Bridge has successfully acquired, managed or developed nearly 74 million square feet of industrial buildings.
