Bridge to Build Big Speculative Industrial Complex in Lacey

Market newcomer Bridge Development Partners LLC said Wednesday it has acquired a large property in Lacey, where it's planning a three-building, state-of-the-art industrial complex.

The company bought the 41.25-acre site (3301 Hogum Bay Road NE) from private Seattle real estate investment company Northwest Building Corp., for $11 million. The seller had purchased the property out of foreclosure seven years ago.

This is the first land acquisition for Chicago-based Bridge, which opened its Seattle-area office in January. The company will build the nearly 706,000-square-foot project, Bridge Point Lacey, on a speculative basis, said Justin Carlucci, who leads Bridge's Northwest region.

"I think the speculative demand is definitely there," he said.

He hopes to start construction in November.