BRIDGE Added 5.5 MSF+ to California Portfolio in 2019
Bridge Development is celebrating a record year. In 2019, the industrial developer added 5.5 million square feet of industrial product to its portfolio in, Los Angeles, Orange County, Inland Empire and San Francisco. The firm delivered 1 million square feet of new product and acquired another 4.5 million square feet for future development.
“For 2019, we were able to grow our footprint in the markets that we were trying to get into,” Greg Woolway, VP of acquisitions and market leader in the Inland Empire and Bay Area at Bridge Development Partners, tells GlobeSt.com. “We had rapid growth in the Bay Area as well as the projects in the Inland Empire. We were able to hit on successes early in the year and build on those successes.
”The activity in 2019 was essentially the second round of acquisitions for the firm, which opened earlier this cycle. “The L.A. office opened in 2015, and they did a first round of acquisitions totaling 2 million square feet,” Kevin Finnegan, director of acquisitions and market leader for the Los Angeles and Orange County markets at Bridge Development Partners, tells GlobeSt.com. “By the time Greg and I joined in 2016, those projects were complete and we were selling the first round of acquisitions. What we have now is the second round of acquisitions, and in 2019, a lot of those projects completed. We were able to have a lot of success of putting together a second round of acquisitions and executing the business plan on those projects.”