SALT LAKE CITY–(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.
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:
Bridge Investment Group Holdings Inc.
Jonathan Keehner / Kara Brickman / Erik Carlson
Joele Frank, Wilkinson Brimmer Katcher