BRIDGE DEVELOPMENT PARTNERS
As the industrial market continues to surge, Bridge Development Partners has been at the sector’s forefront. Bridge has earned its reputation as a leader creating adaptable facilities, and as a company able to transform brownfields and other underutilized parcels into economically productive venues in supply-constrained markets. Since its inception in 2000, Bridge has developed more than 33 million
square feet of industrial buildings and projects with a total valuation of more than $5.2 billion. Since 2013 alone, the company acquired
and/or developed and sold more than 28 million square feet of real estate valued at more than $4.8 billion; building its portfolio in the
supply-constrained core industrial markets of Chicago, South Florida, New Jersey/New York, Southern California, the Bay Area, and the
Seattle and Portland regions.
While the company’s expansion and success during this period has been impressive, three projects stand out as particularly significant:
the Box Yard, Bridge Point Franklin Park and Sunset Industrial Park. These projects serve as a testament to Bridge’s innovative approach
to development, environmental remediation and its ability to unlock regional economic potential.
In January 2019, Bridge acquired the Box Yard, a 261,528-square-foot industrial property in Los Angeles. The plans for the property
include all-new office buildouts and aesthetic updates, as well as electric vehicle charging stations. Located within walking distance of the
downtown Arts District and a 10-minute drive from the Financial District, this project is especially crucial to the industrial users displaced
by the large influx of commercial development in the area. The Box Yard is arguably the last truly industrial building located near downtown Los Angeles, making it a critical component of the city’s economic future.
In 2017, the company began the development of Bridge Point Franklin Park, an industrial campus comprised of three buildings in the
Village of Franklin Park, IL. The buildings, totaling 744,488 square feet, were constructed on the site of a former petroleum tank farm.
In order to make way for the new development, Bridge cleared the 48-acre environmentally neglected property, home to 16 large petroleum tanks spanning half a mile along Chicagoland’s busiest interstate. Upon completion, it is expected to attract approximately 700
permanent jobs and approximately triple the tax revenue for the Village of Franklin Park.
In New York City, Bridge recently began the development process on Sunset Industrial Park, the largest planned multi-story industrial
development in the country. The four-story distribution center of up to 1. 3 million square feet will offer access to roughly 13 million customers within an hour’s drive.
The company has been especially active in Chicago where it maintains its corporate headquarters. During 2018, Bridge Development
Partners acquired, broke ground on and/or delivered 23 industrial facilities in the Chicago market, totaling more than 5. 3 million square
feet valued at more than $658 million. Bridge remains most active in the O’Hare submarket, where it has been responsible for approximately 40% of recent industrial development.
In 2018, the company opened a new office in Seattle, and has since begun acquiring and developing space that can accommodate the
region’s technology-driven growth. Bridge is in the process of developing four industrial properties in Washington and Oregon that can
accommodate last-mile delivery, warehousing, logistics and distribution.
As industrial tenants continue to flock to outlying areas surrounding major population centers, Bridge has long focused on the last
mile, taking unique sites that provide access to major metropolitan areas and transforming them into economically productive properties.
Some 90% of Bridge’s projects are built on a speculative basis, requiring building
sites to flexibly accommodate a variety of modern users.
In 2018, Bridge Development Partners’ $240 million Bridgeport Logistics
Center project was selected by the New Jersey chapter of NAIOP as its 2018
Industrial Deal of the Year recipient. Additionally, Bridge’s Northeast Region partner Jeff Milanaik was honored that same year with NAIOP NJ’s Impact of the Year
Award, while Bridge was named winner of the NAIOP Chicago Award for
Excellence/Industrial Speculative Development of the Year. Bridge was also
named 2018 Developer of the Year by both NAIOP South Florida and the Chicago
Commercial Real Estate Awards. In 2019, the company was also named a finalist for
the Real Estate Finance & Investment Commercial Real Estate Awards. Other
awards have been extended to Bridge in recent years such as the honor by the city
of Fort Lauderdale.
Kevin Carroll Brian Wilson
Steve Groetsema Justin Carlucci