Bridge Development Partners completes USD2.2bn in transactions during 2020
Bridge Development Partners (Bridge), a privately-owned development and acquisition firm of Class A industrial properties, has completed over USD2.2 billion in transactions during 2020.
Bridge acquired 10 properties totalling approximately 6.5 million square feet, valued at over USD1.4 billion across Bridge's five regional offices located in Chicago, Miami, New Jersey/New York, Los Angeles/San Francisco and Seattle during 2020, in the midst of the global pandemic. Bridge also sold 13 projects totalling approximately 5 million square feet, and USD800 million of value during 2020.
Additionally, Bridge began efforts to complement its expertise and successful track record with expanded access to capital and investment management capabilities, which included restructuring its executive team. Notable developments included the hiring of Sean Zasche, previously of CA Ventures, as CFO. Tony Pricco is Partner and CIO, while Steve Groetsema continues his role as Partner and COO, a role he assumed in 2019.
“I am excited to have helped contribute to such a successful year at Bridge and look forward to leveraging my capital markets experience to fuel the company's continued growth and drive returns for our investors in 2021,” says Zasche. “Our executive team is well-positioned to serve our current and future capital partners, catalyse our entry into new markets, and prepare us for the launch of new investment vehicles.”
While the Covid-19 pandemic caused significant disruptions across commercial real estate, Bridge found success in each of its five supply-constrained US markets, striking a number of milestone transactions for the company, as well as opening its first international office in London in November.
The most notable transaction for the company last year was the sale of an 11-building portfolio to a large institutional open-ended fund totalling 1.65 million square feet valued at over USD240 million, which represents the final assets of what was a larger, 20-building, four million square foot portfolio.
Bridge particularly saw success in the Northeast Region in 2020, where it transacted on six projects totalling 5.8 million square feet valued at over USD1.2 billion.
“Even in a highly unusual year that was drastically altered by Covid-19, our team’s accomplishments have been nothing less than monumental. Despite the unprecedented challenges, our persistent hard work and dedication made it not just a successful year, but one of our best to date,” says Bridge Development Partners Founder & CEO Steve Poulos. “We expect demand for state-of-the-art industrial facilities in infill markets will continue to grow in the years ahead, and we look forward to meeting that demand.”