Bridge Industrial Forges Development JV with CPP Investments
Chicago-based Bridge Industrial and Canada Pension Plan Investment Board (CPP Investments) said Monday they had formed a joint venture to develop industrial properties in several core markets across the U.S. They have allocated US$1.1 billion in equity to the JV, with CPP Investments owning a 95% stake and Bridge owning the remaining 5%.
Steve Poulos, founder and CEO of Bridge, said the JV would allow “to continue to scale our infill portfolio in our core U.S. markets. Demand for industrial space continues to outpace supply in infill markets across the U.S., supporting Bridge and CPP Investments’ shared vision of the long-term value and opportunity in the industrial sector.”
The venture was seeded with a 175-acre site within Miami’s Airport West submarket, located in the city of Doral. The development will include six buildings that will total 2.6 million square feet of warehouse space once completed.