(EDITOR’S NOTE: According to industry reporting and public records, Bridge spent around $23 millionth acquire the properties from a variety of sellers, including private and single-family property owners and Highline School District.)
28 parcels, including abandoned elementary school, will be developed into 315,000-SF industrial campus
SEATTLE –– Bridge Industrial (“Bridge”), a privately-owned, vertically integrated real estate operating company and investment manager, today announced the acquisition of 28 parcels of land within Kent Valley, which will serve the future home of Bridge Point SeaTac 300.
Bridge will be re-zoning and re-entitling the property, which was acquired from a combination of private sellers and the Highline School District. The parcels of land, encompassing a total of 17.5 acres, include largely undeveloped land and vacant buildings, including an abandoned elementary school formerly owned by the Highline School District.
Those changes will clear the way for the development of Bridge Point SeaTac 300, which will comprise two buildings, totaling 177,360 square feet and 138,630 square feet, respectively. In addition to a Class A building design and 36′ clear heights, the project features ample trailer parking, which is a rare amenity in the infill Kent Valley submarket.
Bridge plans to break ground on the project in Q2 of 2022, and is expected to deliver the project in early Q2 of 2023.
Arie Salomon, Connor Powell, and Jeff Forsberg of NAI Puget Sound Properties represented Bridge in the transaction.
“With an ideal location in the Kent Valley and excellent proximity to I-5, SR-509, the airport, and the Port of Seattle, Bridge Point SeaTac 300 can supply state-of-the-art industrial space to users looking to support last-mile delivery, air freight forwarding services and a variety of other business needs across Greater Seattle,” said Justin Carlucci, Partner for Bridge’s Northwest Region. “This acquisition will also replace an outdated, unused section of land with a facility that can continue to fuel the economic growth of this region. This is our third development in the past year with such prime access to I-5, and we look forward to continuing to attract additional logistics, e-commerce, and manufacturing tenants to this fast-growing area of the Pacific Northwest.”
Bridge Point SeaTac 300 is centrally located, just 1.5 miles from a 4-way interchange onto I-5; 1.5 miles from SR 509, with direct access to South Seattle and the Seattle CBD; 4.5 miles from SeaTac International Airport Cargo Terminal; and just 11 miles from the Port of Seattle. Its ideal location makes it well suited to serve users fulfilling last-mile deliveries from the west side of the Kent Valley to south Seattle.
Bridge closed on this site, its sixth acquisition in the Seattle market within the past year, immediately following its late September acquisition of 160 acres previously owned by the BNSF Railway, to become Bridge Point Tacoma 2MM. In December of last year, Bridge acquired 117 acres in Milton, Washington for the future Bridge Point I-5 Seattle – a 2 million-square-foot, state-of-the-art industrial campus.
Since first opening its Seattle office in 2018, Bridge has acquired and/or developed over 7.02 million square feet of Class A industrial product throughout the Northwest Region. Bridge continues to seek opportunities to develop modern industrial facilities in the most supply-constrained core infill industrial markets.
About Bridge Industrial
Bridge Industrial is a privately-owned, vertically integrated real estate operating company and investment manager that focuses on the acquisition and development of Class A industrial real estate in the supply-constrained core industrial markets of Chicago, Miami, New Jersey/New York, Los Angeles/San Francisco, Seattle, and London. Since its inception in 2000, Bridge has successfully acquired and developed more than 51 million square feet of industrial buildings/projects valued at more than $8.3 billion.