Bridge Logistics Properties (BLP), a subsidiary of Bridge Investment Group Holdings Inc., has expanded its presence in Northern California with the acquisition of 37580 Filbert St. This 84,482-square-foot warehouse in Newark is currently fully leased to Vital Records Control, a leading offsite record storage company.
The deal details were not disclosed. According to Paul Jones, managing director of BLP, the Bay Area is a crucial target market for their West Coast logistics portfolio expansion. Despite current market volatility, they have confidence in the region’s long-term stability due to its dense population and strong logistics infrastructure with limited new supply.
Newmark’s Mark Geisreiter, Mike Spiro and Seth McKinnon facilitated this transaction. Geisreiter believes that 37580 Filbert Street presents an exceptional investment opportunity due to its prime location within Newark’s industrial market and modern features. The sale highlights the strength of Newark’s industrial real estate sector and demand for high-quality properties while also showcasing BLP’s potential for maximizing this asset’s value.
This article was originally published on Connect CRE.
