Bridge Net Lease, a Subsidiary of Bridge Investment Group, Acquires Manufacturing and Distribution Asset in Florida

Download as PDF

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.

Forward-Looking Statements

This press release contains certain “forward-looking statements” 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 historical facts may be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “outlook,” “could,” “believes,” “expects,” “potential,” “opportunity,” “continues,” “may,” “will,” “should,” “over time,” “seeks,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “foresees” or negative versions of those words, other comparable words or other statements that do not relate to historical or factual matters. Accordingly, we caution you that any such forward-looking statements are based on our beliefs, assumptions and expectations as of the date made, taking into account all information available to us at that time. These statements are not guarantees of future performance, conditions or results and involve a number of risks and uncertainties that are difficult to predict and beyond our control. Actual results may differ materially from those express or implied in the forward-looking statements as a result of a number of factors, including but not limited to those risks described from time to time in our filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it is made. Bridge undertakes no duty to publicly update any forward-looking statements made herein or otherwise, whether as a result of new information, future developments or otherwise, except as required by law. Nothing in this press release constitutes an offer to sell or solicitation of an offer to buy any securities of the Company or any investment fund managed by the Company or its affiliates.

Media and Investor Relations Contact:

Charlotte Morse
Bridge Investment Group Holdings Inc.
charlotte.morse@bridgeig.com
(877) 866-4540

Source: Bridge Investment Group Holdings Inc.

Released January 18, 2023