Picture by Aron Yigin through Unsplash.com
A Bridge Funding Group affiliate has partnered with The Townsend Group to spend money on logistics belongings throughout gateway markets within the U.S. Bridge Logistics Worth Fund II and Townsend will deploy $147 million for the acquisition, improvement and operation of logistics belongings, with an possibility to boost that quantity to $200 million. A previous partnership between the 2 corporations dedicated $335 million of fairness to related belongings.
The three way partnership is a part of Bridge Funding Group’s give attention to gateway infill markets, Bridge Logistics Properties CEO Jay Cornforth mentioned in ready remarks, saying he expects the agency’s dedication to that sector will profit from long-standing secular developments.
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BLP has been concentrating on infill logistics belongings in markets with low provide. Final 12 months, the corporate acquired a Class A industrial constructing in Grand Prairie, Texas, from Landmark Cos., in keeping with CommercialEdge knowledge. That deal adopted the acquisition of a two-building industrial property in Linden, N.J., from Embee Associates earlier in 2022.
BLP, which is a subsidiary of Salt Lake Metropolis-based Bridge Funding Group, lately established its fourth regional headquarters in Dallas. The opposite three headquarters are situated in New Jersey, Los Angeles and Atlanta.
Townsend, which has its U.S. places of work in Cleveland and San Francisco, has invested $11.2 billion in logistics globally since 2015.
Regardless of the adverse developments impacting U.S. industrial actual property, the economic sector has been faring effectively, with asking rents growing in current months. Emptiness charges have remained low, due to a powerful demand for industrial house. Nonetheless, these numbers are anticipated to reasonable within the coming months.
