Bridge Industrial Reports Over 4 Million SF of California Development Activities in 2023

Bridge Industrial (“Bridge”), a privately-held, vertically-integrated real estate operating company, and investment manager, announced today a development pipeline in Southern California and the Bay Area of nearly 4 million square feet of modern industrial facilities across 12 buildings delivering in 2023.

Southern California and the Bay Area continue to have some of the nation’s lowest vacancy rates, and Bridge’s current pipeline is well-positioned to meet the needs of top-tier industrial users seeking modern, last-mile warehousing space, according to Greg Woolway, Senior Vice President, Investments at Bridge Industrial. Owing to California’s persistently strong market fundamentals, Bridge will continue to make targeted acquisitions around the state in 2023 to expand its development pipeline and value-add investment strategy.

Bridge’s pipeline of recently completed and upcoming statewide development projects is as follows:

• Bridge converted a defunct oil field into Bridge Point South Bay V and VI, two ultramodern industrial complexes of 100,528 and 107,734 square feet, respectively. The buildings will be complete and ready for occupation by April 2023. They are well located in the attractive Gardena submarket of the South Bay, with good access to LAX and the Los Angeles and Long Beach ports.
• In the second quarter of this year, Bridge Point South Bay II, a 203,877-square-foot building, will be completed in a desirable South Bay position approximately nine miles from the Ports of Los Angeles and Long Beach. Bridge Point South Bay VII, a 174,211-square-foot industrial complex located at the foot of the Palos Verdes peninsula and less than six miles from the Ports of Los Angeles and Long Beach, will also be completed in the second quarter.
• Bridge Point Rancho Cucamonga I and II will be the biggest single-phase logistics complex in California, representing a significant achievement for the state’s industrial supply. The two-building development, totaling 2,175,021 square feet, is located 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 largest new logistics campus on the West Coast. In August 2023, Bridge anticipates delivering both Bridge Point Rancho Cucamonga I (1.42 million square feet) and Bridge Point Rancho Cucamonga II (752,000 square feet).
• The bridge is scheduled to release Bridge Point Oakland, the largest new industrial development in the Bay Area, in the second quarter of this year. With a total of 534,242 square feet and a location less than one mile from I-880 and approximately five miles from the Port of Oakland and OAK International Airport, this modern, turnkey warehouse will meet the demand of logistics and distribution tenants flooding this supply-constrained and strategically positioned East Bay Area submarket.
• Bridge recently destroyed two obsolete industrial facilities in the City of Vernon, just a few miles from Downtown Los Angeles and its fast-expanding customer base, to make room for two new warehouses: Bridge Point Vernon II and Bridge Point Vernon III. Bridge Point Vernon II will include a total of 209,078 square feet, while Bridge Point Vernon III will be 185,078 square feet in size. These facilities are now under development and are anticipated to be delivered within the first half of 2024, allowing customers to profit from the business-friendly climate in the City of Vernon, which includes reasonable utility prices.
• Bridge bought the future site of Bridge Point Commerce I and II in Central Los Angeles in the fourth quarter of 2022, utilizing its present momentum in the Los Angeles industrial market. The two industrial buildings will total 152,337 square feet and be suited for a variety of tenants when Bridge delivers them turnkey for immediate occupancy in the fourth quarter of 2024.
• In January 2023, Bridge bought a nearly 5-acre land close to the Hollywood Burbank Airport that would serve as the future site of the 106,526-square-foot Bridge Point North Hollywood. In February, the formerly unused parking lot in the City of Los Angeles was demolished to make room for a future construction scheduled for delivery in early 2024.

“We remain optimistic about the sector’s outlook through 2023 and are confident in the strength of our capital partners and Bridge’s ability to continue delivering state-of-the-art industrial assets and meeting the needs of industry-leading companies in the highly desirable and extremely supply-constrained areas of California.”

Wilson, Woolway; Kevin Finnegan, Vice President, Investments; Connor Thomas, Vice President, Investments; and Greg Stumm, Director, Investments continue to pursue prospects for additional expansion in Los Angeles County, Orange County, the Inland Empire, and along the I-880 Corridor in the Bay Area.

Bridge’s footprint in California continues to expand, with over 40 structures spanning 26 complexes finished or under construction to date. Bridge continues to pursue the acquisition and development of modern industrial logistics facilities as well as 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 consistent demand for port uses, last-mile delivery, and facilities that serve logistic and light industrial users.