LOS ANGELES–(BUSINESS WIRE)–Bridge Logistics Properties (“BLP”), a subsidiary of Bridge Investment Group Holdings Inc. (NYSE: BRDG) (“Bridge”), today announced the acquisition of a unique off-market truck terminal from 14.3 acres at the Inland Empire region of California. In the seven months that BLP has invested on behalf of institutional investors, the logistics real estate company has completed 21 transactions. Led by a team of industrial real estate veterans with previous roles at Brookfield, Prologis and Duke – including Jay Cornforth, Brian Gagne and Paul Jones – BLP has secured $789 million of real estate in gateway infill markets hard-to-reach global markets in the United States since its inception.
“Given the imbalance between supply and demand for functional truck terminals in densely populated MSAs, this off-market acquisition of 2650 S. Willow Avenue in Rialto, Calif. (“Willow”) demonstrates the experience of our team and its deep-rooted relationships,” commented Paul Jones, Managing Director at BLP. “Truck terminal inventory is heavily constrained by duty headwinds and as a result inventory is limited. At the same time, the expanding e-commerce economy deepens the demand for these facilities and creates a context for a new appreciation in value.
Willow has a 41,110 square foot terminal with 76 DH positions, 6.7 acres of excess yard space for trailer parking and a maintenance facility with truck wash.
BLP’s management team has a long history of discovering and executing “value” deals in Tier 1 markets across the country – having closed over $20 billion in deal volume and over 10 billions of corporate, global and divestiture M&A experience in prior roles collectively – and a proven track record in the acquisition, opportunistic repositioning and development of global logistics assets. Since joining Bridge in June 2021, BLP’s team has grown to 28 dedicated investment and business professionals across multiple disciplines with a regional geographic footprint in four offices – New York/New Jersey, Atlanta, Dallas and LA. With the backing of renowned global institutional investors, they quickly amassed a significant industrial real estate portfolio totaling 3.9 million square feet. BLP has an additional $1.8 billion pipeline of assets under contract totaling an additional 10.6 million square feet.
“Ninety-one percent of BLP deals were closed off-market or in selective marketing situations, of which 76% were completely off-market with no other bidders involved, due to BLP’s strong relationships with key owners, developers , brokers. , and tenants across a global network,” commented Brian Gagné, Co-Chief Investment Officer and Senior Managing Director at BLP.
In addition to the recent off-market Willow transaction with Chase MacLeod of Macleod & Co., some transactions BLP has recently completed include:
Gateway Logistics at 429 in Orlando, Florida – a 130-acre development site that will include seven Class A industrial buildings totaling approximately 1.4 million square feet, completed by CBRE’s David Murphy and Monica Perez Wonus
10808 6th Street in Rancho Cucamonga, CA – a 175,291 square foot core plus an acquisition made with Joey Jones of Colliers
12400 Industry Street in Garden Grove, CA – a value-added 64,200 square foot acquisition completed with Cameron Driscoll and Luke McDaniel of JLL
Rialto Distribution Center in Rialto, CA – a 24-acre development site that supports a 400,000 square foot state-of-the-art building, completed by Cody Wolf of DAUM Commercial
1910 E Dominguez in Carson, CA – a value-added 30,000 square foot acquisition made with David Grote of Klabin Companies
250 Circle Drive North in Piscataway, New Jersey – a 59,572 square foot core plus acquisition with a 0.8 acre yard, completed by Christopher Griffith of Cushman & Wakefield
“We are a value-driven, cycle-tested investment manager led by regional partners with over 100 years of combined experience in the logistics industry,” commented Jay Cornforth, Chief Executive Officer and Co. – Chief Investment Officer at BLP. “Our focused investments in US coastal and gateway markets reflect our disciplined investment strategy.”
About Bridge Logistics Properties
Bridge Logistics Properties (“BLP”) is a vertically integrated logistics real estate investment manager led by multidisciplinary and tenured real estate veterans with experience navigating multiple economic environments over the past three decades. Its founding members and management team employ a disciplined investment strategy that is both proven and innovative. BLP is a value-oriented investment manager that works closely with its institutional capital partners. Leveraging its deep local relationships and global vision, BLP discovers and executes value transactions in targeted coastal and gateway markets in the United States and abroad. Across its four offices – in the Northeast, West, Southeast and Central United States – BLP has proven regional experience in acquisitions, opportunistic repositioning and development of global logistics assets. Its constant concern for innovation and sustainable development promotes solutions that are both profitable and socially responsible. For more information, visit Bridge logistics properties.
About Bridge Investment Group
Bridge is a leading vertically integrated real estate investment manager, diversified across specialty asset classes, with approximately $38.8 billion in assets under management as of March 31, 2022. Bridge combines its national operating platform with dedicated teams of investment professionals focused on select US real estate. verticals: residential leasing, offices, development, logistics real estate, net lease and mortgage backed by real estate.
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