Bridge Net Lease, a Subsidiary of Bridge Investment Group, Acquires Manufacturing Asset in California and Distribution Asset in Illinois
27 Aprile 2023 - 11:06PM
Business Wire
Bridge Net Lease announced that it has acquired an off-market
manufacturing asset located in Modesto, CA, totaling 148,000 square
feet. The asset, located in a large agricultural region and
featuring heavy power and covered outdoor storage, is 100% leased
for nearly 10 years on a net lease to a single tenant with a long
operating history at the property. The transaction was brokered by
the Central Valley Industrial Team of Colliers International led by
Mike Goldstein.
Bridge Net Lease also announced that it has acquired a
distribution asset located in the Chicago, IL MSA, totaling 100,000
square feet. The asset is 100% leased on a long-term 20-year
absolute net lease. The mission critical asset provides multiple
logistical connectivity options including O’Hare International
Airport, and serves as the tenant’s North American distribution
facility. The transaction was brokered by the Corporate Market
Capitals team of Cushman and Wakefield, led by Michael Thomas and
Josh McGee.
“Despite the recent market and economic uncertainty,
California’s Central Valley and Chicago markets remain strong and
robust. Both assets are excellent additions to our portfolio,
leased to very creditworthy tenants and represent our first
acquisition in each market respectively” said Brandon Flickinger,
Co-Chief Investment Officer of Bridge Net Lease.
About Bridge Net Lease
Bridge Net Lease manages the industrial net lease strategy of
Bridge Investment Group Holdings Inc. (NYSE: BRDG) (“Bridge”).
Bridge Net Lease is led by CEO Mike Sodo and Co-CIOs Matt Tucker
and Brandon Flickinger. Since launching in July 2021, Bridge Net
Lease has invested over $700 million into industrial net lease
warehouse properties and build-to-suit development projects
including logistics, manufacturing, distribution and cold storage
assets located in primary and logistically connected prime growth
markets throughout the US totaling more than 5.57 million square
feet. Bridge Net Lease is based in Arlington, VA with presence in
Chicago, IL and Phoenix, AZ.
About Bridge Investment Group
Bridge is a leading, vertically integrated real estate
investment manager, diversified across specialized asset classes,
with approximately $48.5 billion of assets under management as of
December 31, 2022, including assets under management related to the
acquisition of Newbury Partners which closed on March 31, 2023.
Bridge combines its nationwide operating platform with dedicated
teams of investment professionals focused on select verticals
across real estate, credit, renewable energy and secondaries
funds.
Forward-Looking Statements
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within the meaning of the Private Securities Litigation Reform Act
of 1995, which relate to future events or our future performance or
financial condition. All statements other than statements of
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results and involve a number of risks and uncertainties that are
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including but not limited to those risks described from time to
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it is made. Bridge undertakes no duty to publicly update any
forward-looking statements made herein or otherwise, whether as a
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version on businesswire.com: https://www.businesswire.com/news/home/20230427006004/en/
Media and Investor Relations Contact: Charlotte Morse
Bridge Investment Group Holdings Inc. charlotte.morse@bridgeig.com
(877) 866-4540
Jonathan Keehner / Kara Brickman / Erik Carlson Joele Frank,
Wilkinson Brimmer Katcher (212) 355-4449
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