Bridge sells industrial property portfolio to Duke Realty

CHICAGO - Bridge Development Partners will sell a 10-building industrial portfolio totaling 3.4 million square feet to Duke Realty Corporation for approximately $515 million.

Each of the assets are newly constructed facilities in the industrial markets of Southern California, Northern New Jersey and South Florida. The transaction will be completed in phases, with the first phase having closed on Sept. 27 and the final phase expected to close near the end of the year.

In addition to the 10 completed properties, the deal includes two land parcels on which two properties totaling 852,745 square feet will be constructed, beginning later this year. Once fully constructed the total cost of the portfolio will be nearly $700 million.

"This portfolio sale is part of the $1.1 billion of new state-of-the-art industrial assets Bridge will sell in 2017," said Steve Poulos, founder/CEO of Bridge Development Partners. "The portfolio includes a mix of fully stabilized, partially stabilized and completely vacant assets."

Bridge has completed over $2 billion in developments/acquisitions since the inception of its joint venture with Dallas-based Banner Oak Capital Partners in 2013.