Bridge Industrial JV Will Develop Build-to-Core in Urban Infill Markets
Chicago-based Bridge Industrial and Canada-based Public Sector Pension Investment Board formed a joint venture to develop warehousing in a build-to-core strategy in urban infill locations. PSP Investments and Bridge have allocated US$550 million in equity to the joint venture with an option to re-up for a further US$550 million, to bring the commitment to US$1.1 billion.
The venture serves as an expansion of the existing partnership between Bridge and PSP Investments, which was initially formed for the development and acquisition of last-mile industrial facilities in the U.K.
“This venture is an exciting expansion of our successful partnership with PSP Investments,” said Steve Poulos, founder, CEO and partner at Bridge. “We look forward to growing our portfolio of build-to-core industrial properties with PSP Investments, now on both sides of the Atlantic.”
The JV was seeded with two industrial assets, one each in New Jersey and Los Angeles.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).