Looking to seize on the demand for warehouses, Bridge Development Partners wants to build a 174,000-square-foot distribution center outside Torrance.
An entity tied to the Chicago-based developer filed plans with the city of Los Angeles for the Sepulveda Boulevard project this week. The 6-acre development site is located at 1351-1361 Sepulveda Boulevard.
Heather Crossner, senior vice president for development at the company’s L.A. office, applied for the project on behalf of Bridge 1355 Sepulveda LLC. Herdman Architecture and Design is representing Bridge in the entitlement process.
Bridge is still looking to purchase the properties. The warehouse would have a maximum ceiling height of 44 feet, offices, and 190 parking spaces.
Bridge is a major investor and developer in the area and last August set a record for the biggest non-portfolio industrial purchase in the Inland Empire when it bought a 1.43-million-square-foot Rancho Cucamonga facility from Big Lotsfor $191 million.
Bridge could not be reached for comment in time for publication.
The industrial sector, particularly logistics and last-mile delivery, have weathered the coronavirus pandemic far better other real estate sectors.
Industrial real estate investment trusts have posted 27 percent returns this year, while the broader Bloomberg U.S. REIT index is down more than 13 percent since the beginning of 2020. Amazon is making a huge push this year to expand its industrial footprint, and just announced it would open 100 distribution centers this month alone.
Southern California has historically been one of the strongest markets for industrial and distribution properties, and the pandemic hasn’t changed that. Developers in the area are bullish — 60 percent of respondents to a UCLA survey in July said they were planning an industrial development and 39 percent said they were planning multiple.