Bridge Development inks Seattle deal
Bridge Development Partners LLC with offices in Itasca and Chicago said it sold Puget Sound Commerce Center to Bentall Kennedy in the Seattle area.
Newly completed in June 2017, Puget Sound Commerce Center is a 241,140-square-foot purpose-built, state-of-the art cold storage building. This is the first cold storage facility to be completed in King County in 10 years.
The cold storage facility features 40-foot clearance heights, 32 truck bays and 150 parking spaces for employees on a 14-acre site, offering the tenant considerable flexibility and operational efficiencies for both freeze and chill storage.
"There's pent-up demand for state-of-the-art cold storage space in many markets where supply is limited," said Brian Niven, Cold Storage Principal at Bridge Development. Bridge's strategy, to develop warehouse facilities in supply constrained markets, once again proves to be successful, as the facility has a 15-year lease with Western Distribution Services, a Renton-based logistics, cold storage and warehouse provider, for the entire facility.
At the time of purchase, Puget Sound Commerce Center is 100 percent leased. The building is located in Burien, Washington, residing near the Port of Seattle, one of the largest container ports on the Pacific coast, and Seattle-Tacoma International Airport.
"The Seattle market has strong demand drivers that suggest there will be sustained demand for cold storage uses, including retail and wholesale food distribution, seafood and agricultural trade," said Steve Reents, senior vice president, acquisitions and head of Western U.S., Bentall Kennedy.
Bridge was represented in the transaction by John Huguenard of JLL Capital Markets Group. Bentall Kennedy was not represented in the transaction. Terms were not disclosed.
About Bridge Development Partners
Bridge Development is a privately owned firm focused on the development and acquisition of industrial real estate in the Chicago, South Florida, Northern New Jersey, Southern California and Seattle regions.
Bentall Kennedy includes Bentall Kennedy (Canada) Limited Partnership, Bentall Kennedy (U.S.) Limited Partnership and the real estate and commercial mortgage investment groups of certain of their affiliates, all of which comprise a team of real estate professionals spanning multiple legal entities.