BRIDGE NET LEASE, A SUBSIDIARY OF BRIDGE INVESTMENT GROUP, ACQUIRES OFF-MARKET
COLD STORAGE AND DISTRIBUTION PORTFOLIO
SALT LAKE CITY, UTAH-October 19, 2022-Bridge Net Lease announced that it has acquired a unique, off-market three building cold storage and distribution portfolio in the Inland Empire region of California, the Tualatin submarket of Portland, OR and the Henderson submarket of Denver, CO, totaling 553,638 square feet. The portfolio is 100% leased to DPI Specialty Foods, one of the largest specialty foods distributors in the US on a long-term net lease.
“The acquisition of these assets continues our differentiated investment strategy of acquiring mission critical assets in domestic primary and logistically connected prime growth markets leased on a long-term basis to creditworthy tenants. These assets are excellent additions to our portfolio, increasing our weighted average lease term and weighted average unlevered entry cap rate, while increasing our investment base in fundamentally strong growth markets in the Western US,” said Brandon Flickinger, Co-Chief Investment Officer of Bridge Net Lease.
About Bridge Net Lease
Bridge Net Lease manages the industrial net lease strategy of Bridge Investment Group Holdings Inc. (NYSE: BRDG) (“Bridge”). Bridge Net Lease is led by CEO Mike Sodo and Co-CIOs Matt Tucker and Brandon Flickinger. Since launching in July 2021, Bridge Net Lease has invested over $600 million into industrial net lease warehouse properties and build-to- suit development projects including logistics, manufacturing, distribution, and cold storage assets located in primary and logistically connected prime growth markets throughout the US, totaling more than 3.9 million square feet. Bridge Net Lease is based in Arlington, VA with presence in Chicago, IL and Phoenix, AZ.
About Bridge Investment Group
Bridgeis a leading, vertically integrated real estate investment manager, diversified across specialized asset classes, with approximately $42 billion of assets under management as of June 30, 2022. Bridge combines its nationwide operating platform with dedicated teams of investment professionals focused on select U.S. real estate verticals: residential rental, office, development, logistics properties, net lease, real estate-backed credit, solar infrastructure, and proptech.
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