Bridge Industrial is looking for a buyer for one of the largest industrial developments built in the Bay Area in the past two decades.
The Chicago-based logistics real estate firm is marketing Bridge Point Oakland, a 534,242-square-foot industrial park in Oakland, for sale by Cushman & Wakefield, the San Francisco Business Times reported.
Bridge bought the Class A industrial property at 5441 International Boulevard, once a General Electric transformer manufacturing plant, in 2019 for $37.8 million. Prior to that sale, General Electric had owned the site for 70 years, though it shut down operations there in 2005. The facility sits on 24 acres and includes nearly 10,000 square feet of office space with 85 dock positions.
Bridge spent $91.6 million to redevelop the property, demolishing a majority of the former structure while maintaining its original brick facade to make way for a new industrial facility. The company broke ground on Bridge Point in 2020 to create “a critical piece of infrastructure in a rapidly growing city and region that is in need of new industrial supply,” Greg Woolway, a vice president at Bridge, said in a statement at the time. Bridge completed construction on Bridge Point Oakland in 2023.
Demand for industrial space is on the rise, as leasing activity across the market increased 45 percent in the third quarter to 2.3 million square feet from 1.6 million square feet in the prior three months. The difference year-over-year was even more pronounced with a 97 percent jump. Of the deals signed, 74 percent were new leases. The vacancy rate for industrial space in the Bay Area was 6.4 percent in the third quarter, according to a CBRE report, down from 6.6 percent the prior quarter.
Bridge Industrial is building a 714,491-square-foot industrial campus at 2350 Qume Drive in San Jose, known as Bridge Point San Jose. That project is expected to be completed in March.
The company acquires, develops and operates logistics real estate in supply-constrained markets across the country and Europe, according to its website. Its only completed facility in the Bay Area at the moment is Bridge Point Silicon Valley, a 388,240-square-foot property in Milpitas. — Chris Malone Méndez
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