Bridge Development Partners, LLC has announced the sale of a 12-building industrial portfolio totaling 4,277,477 square feet to Duke Realty Corporation (NYSE: DRE) for nearly $700 million. Each of the assets are newly constructed state-of-the-art facilities in the nation’s top infill industrial markets of Southern California, Northern New Jersey and South Florida. The transaction will be completed in phases, with the first phase closing September 27th.
“This portfolio sale is part of the $1.1 billion of new state-of-the-art industrial assets Bridge will sell in 2017,” said Steve Poulos, Founder/CEO of Bridge Development Partners. “The portfolio includes a mix of fully stabilized, partially stabilized and completely vacant assets.”
Bridge has completed over $2 billion in developments/acquisitions since the inception of its joint venture with Dallas-based Banner Oak Capital Partners in 2013. The Chicago-based developers aren’t planning on slowing down anytime soon. “Bridge has a pipeline of over $1.3 billion which encompasses 10.3 million SF in the most supply constrained U.S. core industrial markets of Chicago, Miami, New Jersey, Los Angeles, San Francisco and Seattle,” said Tony Pricco, President of Bridge Development Partners.
Bridge’s growth over the last several years is a testament to the strong relationship with their joint venture partner, Banner Oak. “We are very pleased with the execution of Bridge’s opportunistic business plan and this disposition, and look forward to providing the capital for Bridge’s future pipeline for many years to come,” said Aaron Murff, principal of Banner Oak Capital Partners, LP.