Bridge Chooses Seattle 130 as First Value-Add Site
Calling it a “perfect choice” for its first acquisition, Bridge Industrial recently acquired a 129,040-square-foot industrial facility located at 6901 Fox Ave. South in South Seattle. The site, Bridge Point Seattle 130, is Bridge’s first value-add project in the Seattle region.
The existing industrial facility was built in 1977 and is one of the most functional buildings in its submarket. The 5.42-acre site is currently leased in its entirety to a manufacturing and distribution tenant that will vacate in fourth quarter 2023, allowing Bridge to remediate the property and make interior/exterior improvements to the building, landscaping and other features. All work is expected to be completed by second quarter 2024, after which the facility will be fully available to tenants.
“This property is the perfect choice for our first value-add acquisition in this region, as well as an ideal site to meet the region’s growing last-mile delivery needs. As we modernize and improve the building’s existing features, it will serve as a first-class facility for e-commerce, logistics, distribution and other warehouse users seeking modern industrial functionality and close proximity to Seattle’s population and Central Business District,” said Justin Carlucci, partner for Bridge’s Northwest region.
Andrew Stark of CBRE represented Bridge in the transaction and will serve as the leasing broker once the project is complete.