Justin Carlucci Weighs in on the Seattle Industrial Market Amid the Coronavirus Pandemic
So, I asked Justin Carlucci of Bridge Development Partners, how is coronavirus affecting his big projects? They mostly extend from Kent down to Thurston County. The biggest is the recently completed Bridge Point Lacey, with 705,590 square feet, which sold at the end of April for $83 million as part of a larger three-property deal with Morgan Stanley. (More on that below.)
“We've been somewhat cautious about overextending,” says Carlucci, who in 2018 established the Bellevue office for Bridge, which is based in Chicago. (The private firm, led by Steve Poulos was founded in 2000.) Bridge now has about 5 million square feet planned, from Puget Sound down to Portland.
“It's pretty spread out over the next three to five years,” Carlucci says. He expects to close two pending local land deals this year.