BLP Acquires Off-Market Industrial Property - Marks 21st Deal and $789 Million Closed Since Initial Investment Seven Months Ago

Rhea-AI Summary

Bridge Logistics Properties (BLP), a subsidiary of Bridge Investment Group Holdings Inc. (NYSE: BRDG), has acquired a 14.3-acre off-market truck terminal in Rialto, California. This acquisition marks BLP's 21st deal within seven months, totaling $789 million in real estate investments. The newly acquired terminal features a 41,110 square foot facility with excess yard space for trailer parking. BLP's leadership, with significant industry experience, claims the transaction reflects the high demand and low supply for functional truck terminals in key U.S. markets.

Positive

• Acquisition of a strategically located 14.3-acre truck terminal in Rialto, California enhances BLP's logistics portfolio.
• BLP has quickly amassed a $789 million real estate portfolio in seven months, showcasing strong growth.
• Leadership team possesses extensive experience, having closed over $20 billion in transactions previously.

Negative

• None.

LOS ANGELES--(BUSINESS WIRE)-- Bridge Logistics Properties (“BLP”), a subsidiary of Bridge Investment Group Holdings Inc. (NYSE: BRDG) ("Bridge"), today announced that it has acquired a unique, off-market 14.3-acre truck terminal in the Inland Empire region of California. In the seven months that BLP has been investing on behalf of institutional investors, the logistics real estate company has closed 21 deals. Led by a team of industrial real estate veterans with prior tenure at Brookfield, Prologis and Duke – including Jay Cornforth, Brian Gagne, and Paul Jones – BLP has secured $789 million of real estate in difficult to access U.S. global gateway infill markets since its inception.

“Given the supply-demand imbalance for functional truck terminals within densely populated MSAs, this off-market acquisition of 2650 S. Willow Avenue in Rialto, California ('Willow') is a testament to our team’s experience and deep-rooted relationships,” commented Paul Jones, Managing Director at BLP. “Truck terminal inventory is heavily constrained by entitlement headwinds and therefore inventory is limited. At the same time, the expanding e-commerce economy is deepening demand for these facilities and creating a backdrop for further value appreciation.”

Willow features a 41,110 SF terminal with 76-DH positions, 6.7 acres of excess yard space for trailer parking, and a maintenance facility with truck wash.

The BLP leadership team has a long history of uncovering and executing “value” transactions in Tier 1 markets across the country – having closed over $20 billion of transaction volume and over $10 billion of corporate, global M&A, and disposition experience in prior roles collectively – and proven experience across acquisition, opportunistic repositioning, and development of global logistics assets. Since joining Bridge in June 2021, the BLP team has grown to 28 dedicated investment and business professionals across several disciplines with a regional geographic footprint in four offices – New York/New Jersey, Atlanta, Dallas and Los Angeles. With the support of marquee global institutional investors, they have quickly amassed a sizeable industrial real estate portfolio totaling 3.9 million square feet. BLP has a pipeline of another $1.8 billion of assets under agreement totaling an additional 10.6 million square feet.

“Ninety-one percent of BLP deals have been sourced off-market or in selectively-marketed situations, 76% of which were completely off-market with no other bidders involved, as a result of BLP’s strong relationships with key owners, developers, brokers, and tenants across a global network,” commented Brian Gagne, Co-Chief Investment Officer and Senior Managing Director at BLP.

In addition to the recent off-market Willow deal executed with Chase MacLeod of Macleod & Co., select deals that BLP recently closed include:

• Gateway Logistics at 429 in Orlando, Florida – a 130-acre development site that will consist of seven class A industrial buildings totaling approximately 1.4 million SF, completed with David Murphy and Monica Perez Wonus of CBRE
• 10808 6th Street in Rancho Cucamonga, California – a 175,291 SF core plus acquisition completed with Joey Jones of Colliers
• 12400 Industry Street in Garden Grove, California – a 64,200 SF value-add acquisition completed with Cameron Driscoll and Luke McDaniel of JLL
• Rialto Distribution Center in Rialto, California – a 24-acre development site that supports a state-of-the-art 400,000 SF building, completed with Cody Wolf of DAUM Commercial
• 1910 E Dominguez in Carson, California – a 30,000 SF value-add acquisition completed with David Grote of Klabin Companies
• 250 Circle Drive North in Piscataway, New Jersey – a 59,572 SF core plus acquisition with an 0.8-acre yard, completed with Christopher Griffith of Cushman & Wakefield

“We are a cycle-tested, value-focused investment manager led by regional partners with over 100 years of combined experience in the logistics sector,” commented Jay Cornforth, Chief Executive Officer and Co-Chief Investment Officer at BLP. “Our targeted investments in the U.S. coastal and gateway markets reflect our disciplined investment strategy.”

About Bridge Logistics Properties

Bridge Logistics Properties (“BLP”) is a vertically integrated logistics real estate investment manager led by tenured, multi-disciplinary real estate veterans with experience navigating several economic environments over the past three decades. Its founding members and leadership team employ a disciplined investment strategy that is both cycle-tested and innovative. BLP is a value-focused investment manager that is highly collaborative with its institutional capital partners. Leveraging its deep local relationships and global vision, BLP uncovers and executes value transactions in targeted coastal and gateway markets in the U.S. and abroad. Across its four offices – in the Northeast, West, Southeast and Central United States – BLP has proven regional experience in acquisitions, opportunistic repositioning, and development of global logistics assets. Its steadfast focus on innovation and sustainable development promotes solutions that are both profitable and socially responsible. For more information, visit Bridge Logistics Properties.

About Bridge Investment Group

Bridge is a leading, vertically integrated real estate investment manager, diversified across specialized asset classes, with approximately $38.8 billion of assets under management as of March 31, 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 and real estate-backed credit.

This press release has been prepared solely for informational purposes and is not to be construed as investment advice or an offer or a solicitation for the purchase or sale of any financial instrument, property, or investment. It is not intended to provide, and should not be relied upon for, tax, legal, or accounting advice. The opinions, estimates, forecasts, and statements of financial market trends are subject to change without notice due to changes in the market or economic conditions. We believe the information provided here is reliable, but do not warrant its accuracy or completeness. The information contained herein reflects the views of the author(s) at the time the article was prepared and will not be updated or otherwise revised to reflect information that subsequently becomes available or circumstances existing or changes occurring after the date the press release was prepared.

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 of our future performance, 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 Investment Group Holdings Inc. undertakes no duty to publicly update any forward-looking statements, 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220718005322/en/

Media:

Stacey Kaszton Jones

on behalf of Bridge Logistics Properties

stacey@lavozmarketing.com

(213) 925-8177

Investor Relations Contact:

Charlotte Morse

Bridge Investment Group Holdings Inc.

charlotte.morse@bridgeig.com

Media:

Charlotte Morse

Bridge Investment Group Holdings Inc.

(877) 866-4540

Source: Bridge Logistics Properties

FAQ

What is Bridge Logistics Properties' recent acquisition?

Bridge Logistics Properties recently acquired a 14.3-acre off-market truck terminal located in Rialto, California.

How much real estate has Bridge Logistics Properties acquired?

Since its inception, Bridge Logistics Properties has closed 21 deals totaling $789 million in real estate investments.

What does the new truck terminal feature?

The new truck terminal includes a 41,110 square foot facility, 76-DH positions, and additional yard space for trailer parking.

How does this acquisition impact Bridge Investment Group Holdings Inc. (BRDG)?

This acquisition strengthens BRDG's logistics real estate portfolio amid increasing demand for functional truck terminals in key markets.

What is the future outlook for Bridge Logistics Properties following this acquisition?

With a pipeline of $1.8 billion of assets under agreement, BLP is poised for continued growth in the logistics real estate sector.