Bridge Logistics Enters NorCal With Sale-Leaseback Deal
A Newmark team facilitated the transaction.
Vital Records Control fully occupies 37580 Filbert St. Image courtesy of Bridge Logistics Properties
Bridge Logistics Properties, a subsidiary of Bridge Investment Group Holdings Inc., has entered Northern California with the sale-leaseback acquisition of a 84,482-square-foot warehouse at 37580 Filbert St. in Newark, Calif. Vital Records Control sold the property, according to CommercialEdge data. Newmark facilitated the transaction.
Built in two phases, in 2000 and 2012, the property features 34- and 40-feet clear heights. Vital Records Control is the facility’s sole tenant.
The 4.7-acre property provides access to Interstate 880, connecting San Jose to Oakland, Calif. Dumbarton Bridge is 10 miles away, while San Jose International Airport and Oakland International Airport are within a 21-mile radius. Port of Oakland is 25 miles northwest, while San Francisco International Airport is some 27 miles away.
The Newmark team which brokered the deal included Executive Managing Directors Mark Geisreiter and Mike Spiro, along with Senior Managing Director Seth McKinnon. Earlier this year, other Newmark brokers arranged the sale of a 177,117-square-foot industrial, warehouse and flex campus in San Jose, Calif.
In June, a BLP investment vehicle partnered with The Townsend Group for the purpose of acquiring logistics properties in gateway markets across the U.S. The joint venture will deploy $147 million in acquisitions, with an option to raise the investment value to $200 million.
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