Bridge Development Partners is continuing its rapid expansion in the Puget Sound, adding another industrial asset to its portfolio. In a deal that closed on April 5th, Bridge Development purchased the former site of a Seattle Bunge Foods for $21.2 million. The seller was a limited liability company affiliated with William Guimont of Las Vegas, based on information from public documents.
The asset is located at 6901 Fox Ave. S. According to King County parcel data, the property is developed with a 128,800 square foot masonry warehouse. The building was originally constructed in 1977. The entire lot totals 235,990 square feet, or about 5.4 acres.
Situated in the Georgetown neighborhood of Seattle, the property butts up against the Duwamish Waterway and is accessible via State Route 509 and Interstate 5. A number of major warehousing and logistics companies, from Amazon and FedEx, to the Union Pacific Railroad and Costco, are within the vicinity. The asset is also near Boeing offices and King County International Airport: Boeing Field.
Since opening its Seattle office in 2018, Bridge Development Partners has quickly grown its regional portfolio. In December of 2020, Bridge purchased REI’s former headquarters site for $24.6 million. The asset—located in Kent, Wash,–will be transformed into Bridge Point Kent and total 309,028 square feet. In Milton, Wash., Bridge Development is working to build Bridge Point I-5 Seattle, a four-building, 1.94 million square foot industrial park. The development is Bridge’s largest project in the Seattle region to-date.
According to the company’s website, Bridge specifically focuses on supply constrained core industrial markets where demand outpaces supply. Since 2019, Bridge has acquired or developed more than $4.9 billion in real estate and is known as one of the most active developers across several of the nation’s largest industrial markets. In Washington State, Bridge has closed $736 million in transactions totaling 4.86 million square feet.