Bridge Net Lease, a Subsidiary of Bridge Investment Group, Acquires Manufacturing and Distribution Asset in Florida
SALT LAKE CITY--(BUSINESS WIRE)-- Bridge Net Lease announced that it has acquired a Class-A manufacturing and distribution asset located in the Port St. Lucie submarket of South Florida, totaling 411,852 square feet. The asset is 100% leased on a long-term net lease to TAMCO, a division of City Electric Supply Company, one of the largest electric supply wholesalers in the US. The asset was constructed in 2020 and features 40’ clear heights and cross-dock configuration, and includes additional land for potential future expansion. The transaction was brokered by the capital markets team of Jones Lang LaSalle, lead by Jason DeWitt.
“The acquisition of this asset continues our differentiated investment strategy of acquiring mission critical assets in domestic primary and logistically connected prime growth markets leased on a long-term basis to creditworthy tenants. The asset is an excellent addition to our portfolio increasing our weighted average lease term and weighted average unlevered entry cap rate while increasing our investment base in fundamentally strong growth markets in the Southeastern US” 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 4.2 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 $43.8 billion of assets under management as of September 30, 2022. Bridge combines its nationwide operating platform with dedicated teams of investment professionals focused on select U.S. real estate verticals: residential rental, office, development, logistics properties, net lease, real estate-backed credit, solar infrastructure, and proptech.
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Bridge Investment Group Holdings Inc.
Source: Bridge Investment Group Holdings Inc.
Released January 18, 2023