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Bridge Logistics Adds Three-Building Inland Empire West Portfolio
Bridge Logistics Properties (BLP), a subsidiary of Bridge Investment Group Holdings Inc., has acquired a recently constructed, three-building, 332,793-square-foot Class A industrial portfolio in Fontana for $83.5 million. The seller was not disclosed.
Located in the Inland Empire West submarket, the portfolio includes the 100,039-square-foot 14074 Rancho Ct., the 57,654-square-foot 14019 Rose Ave. and the 175,100-square-foot 14928 Washington Dr. The properties are fully leased and offer a weighted average lease term of more than two years.
“During this period of pronounced price dislocation, our investment thesis focuses on acquiring best-in-class, well-located assets with strong in-place cash flow,” said Paul Jones, Managing Director of BLP. “Local municipal headwinds, AB 98 and general land scarcity are causing significant barriers to new development. Once economic conditions stabilize and tenant demand normalizes, we believe we will see value appreciation for existing assets.”
The acquisition brings BLP’s national portfolio to 16.3 million square feet.
- ◦Sale/Acquisition
