BLP Expands West Coast Industrial Portfolio Into Northern California with Filbert Street Acquisition

 

37580 Filbert Street, a warehouse in Newark, CA.

NEWPORT BEACH, CA -- Bridge Logistics Properties (“BLP”), a subsidiary of Bridge Investment Group Holdings Inc. (NYSE: BRDG) (“Bridge”), is proud to announce its expansion into Northern California with the acquisition of 37580 Filbert Street, a warehouse in Newark, CA.

Paul Jones

 This 84,482-square-foot building marks BLP's first deal in Northern California which reflects the company's investment strategy of aggregating high quality logistics assets in Global Gateway markets across the United States.

The acquisition is particularly strategic given the infill location and the high barriers to entry in the City of Newark. 

The city's stringent requirements for new industrial development, coupled with a muted development pipeline, have created a persistent supply/demand imbalance in this submarket.

“The Bay Area is an important target market for BLP as we continue to grow our West Coast logistics portfolio," said Paul Jones, Managing Director of BLP.

Mark Geisreiter 

  "Despite current market volatility we believe in the Bay Area’s long term durability given its dense population, logistics infrastructure, and high barriers to new supply.”

 The property’s proximity to major transportation routes, including I-880 and the Dumbarton Bridge, offers unparalleled connectivity between the East Bay and Silicon Valley.

The warehouse is 100% leased to Vital Records Control (VRC), a leading offsite record storage company, for several more years. 

VRC has a long operating history in the facility and has made significant investment in the building, emphasizing the importance of this location for their operations.

Mike Spiro

Mark Geisreiter of Newmark, who, along with Mike Spiro and Seth McKinnon, facilitated the transaction, remarked, “We are excited to have been a part of this successful sale. 37580 Filbert Street is an exceptional property in a prime location within Newark's industrial market, and we believe it represents a significant investment opportunity.

"This sale underscores Newark's industrial real estate strength and demand for modern properties, and we look forward to seeing how BLP maximizes the potential of this asset."

“Our acquisition of the property was executed at a significant discount compared to replacement cost and recent comparable sales, highlighting the opportunistic basis of the investment,” said Michael Grossner, Vice President of West Region Investments at BLP. 

Michael Grossner

“Our basis in the building provides us the flexibility to enhance the building’s functionality to align with the depth of market demand, should the building ever become vacant."

CONTACT:

 Stacey Jones

for Bridge Logistics Properties

stacey@lavozmarketing.com

(213) 925-8177

 

BridgeBLP.com.

 

 

  

 

U.S. Development Announces Dynamic Sales and Marketing Team for Salato Pompano Beach

 Keriann Worley

POMPANO BEACH, Fla.—U.S. Development announces the sales and marketing team for its newest ultra-luxury project, Salato Residences in Pompano Beach. The partnership consists of Douglas Elliman Development Marketing (DEDM) presiding over sales and IMI Worldwide in charge of marketing.

 

Prices begin at just under $2 million. Spearheading the sales at Salato is the exclusive Douglas Elliman team of Keriann Worley, Denver Bright and Vanessa Sidi.

Vanessa Sidi

The team was selected due to its unparalleled knowledge of the South Florida real estate market. As a renowned leader in the industry, Douglas Elliman brings a wealth of experience, vast network, and reputation for delivering outstanding results.

 

 IMI Worldwide is recognized for its creative and strategic approach to real estate marketing, leveraging a deep understanding of consumer behavior and market trends.  

Denver Bright  

 "Our commitment to delivering exceptional real estate experiences aligns seamlessly with the vision for Salato Residences,” said Jay Phillip Parker, CEO of Brokerage, Florida Region and President of Douglas Elliman Development Marketing, Florida.

Jay Phillip Parker

"This partnership exemplifies the commitment to excellence that characterizes both IMI Worldwide and Douglas Elliman.”  

 

“Salato is not just a development; it's a testament to the power of innovative marketing,” said Mike Collins, founding partner and CEO of IMI Worldwide. “We look forward to this collaboration with Douglas Elliman to elevate Salato to new heights and create a compelling narrative that resonates with discerning audiences in the real estate market." 

 

Salato, located at 305 Briny Avenue, is comprised of 40 expertly designed residences, and will rise 100 feet just across from the pristine oceanfront in Pompano Beach, Florida. 

 Mike Collins

Amenities include an ocean view pool and spa with separate wet deck and loungers, poolside lounge suite with owner’s bar, dry saunas and steam showers, massage room, state-of-the-art fitness center, a club room outfitted with a private catering kitchen and a curated beach experience. 

 

For more information and to schedule a private appointment, visit SalatoResidences.com or contact 954-284-0090. 

 

  CONTACT:

Lauren Berger

Account Director,

 BoardroomPR

lberger@boardroompr.com

O 954-370-8999

C 954-551-0757

  

JLL Capital Markets’ Nick Lavin joins its South Florida multi-housing team

Nick Lavin

MIAMI, FL, Nov. 29, 2023 –  JLL Capital Markets announced today that Director Nick Lavin has joined its South Florida multi-housing investment sales team in the Miami office after spending almost six years in Los Angeles with JLL/HFF.

 

In his new role, Lavin will focus on growing the firm’s multi-housing investment sales platform throughout the South Florida region.

Matthew Lawton

Lavin will be working alongside the current South Florida multi-housing and land investment sales team, including Matthew Lawton, Maurice Habif and Simon Banke. Over the past three years, the team has executed approximately $1 billion in land sales and $1.4 billion in multi-housing sales and joint venture equity in the region.

 

The South Florida market has experienced robust investor interest, particularly between 2021 and 2022, culminating in multi-housing investment sales transactions exceeding $23 billion.

 

“We are very excited to add Nick to our South Florida team and continue to grow our multi-housing market share.” said Finkle. “Nick’s exceptional transactional track record and extensive client relationships will transfer well into one of the most desirable investment markets in the U.S.”

Maurice Habif 

Lavin’s primary focus has been representing institutional and private owners for the disposition of multi-housing assets in Los Angeles, where his team led market share in 2022, according to Real Estate Alert. Throughout his career, he has executed more than $4.1 billion in commercial real estate transactions.

 

Prior to his time in the Los Angeles office, Lavin also spent almost three years in Chicago with HFF. He earned his degree as a double major in Finance and Accounting from the University of Kentucky.

For more news, videos and research resources, please visit JLL’s newsroom.

 

 

  CONTACT:

 

Jenna Sharp

JLL, Public Relations

Dallas, Texas

M +1 214 394 3356

Jenna.Sharp@jll.com