Logistics Continues to Outperform Other Asset Classes
The commercial real estate sector faces a lot of uncertainty as we wait for the economy to stabilize. All asset classes have exhibited decreased performance according to at least some relevant metrics in Q1 2023. But amid the market instability, fundamental drivers of logistics real estate remain strong. Online sales increased despite the overall GDP slowdown. Andy Jassy, Amazon CEO, reiterated the company's focus on next day and same-day deliveries, and this will undoubtedly drive other retailers to follow suit. The re-shoring of US manufacturing operations has continued to accelerate.
BLP continues to selectively pursue opportunities in these difficult-to-access markets. We are pleased to announce two more strategic acquisitions.
As always, thank you for being part of our network!
DEAL NEWS
5 Plant Road, Northern New Jersey
BLP is excited to announce the acquisition of 5 Plant Road in Teterboro/Hasbrouck Heights, NJ. The 196,700 SF facility features 18'-22' clear heights, 19 total loading doors, truck courts over 100', and half an acre of outdoor storage yard.
Thank you to Leo Josephs and Joshua Meisner of Leo Josephs & Company, Inc. for their assistance in the closing of this transaction.
For leasing inquiries, please reach out to Chris Todd and Scott Perkins of NAI Hanson or Hank Klehm of BLP.
6550 Fulton Industrial Blvd SW, Atlanta
BLP is excited to announce the acquisition of 33.35 acres of developable land at 6550 Fulton Industrial Blvd SW in Atlanta, GA. The subject site supports the construction of a 136,080 SF, front-load warehouse with a 32' clear height and 38 loading positions.
Thank you to McNeill Stokes, Nathan Anderson, and Matt Bentley of NAI Brannen Goddard for their assistance in closing this transaction.
Community Engagement
Second Harvest Food Bank of Orange County
BLP West volunteered this month with the Second Harvest Food Bank of Orange County. The nonprofit works to end hunger and food insecurity in Orange County by partnering with other local nonprofits, providing them with food for those in need. BLP sorted through fruits and vegetables ensuring good quality, and helped with the boxing and packaging of products to be sent out.
Upcoming Insights
A preview of what's coming in BLP's social media accounts. Follow us on LinkedIn, Facebook, Twitter and Instagram to see more.
More evidence of re-shoring's acceleration: Construction put-in-place for manufacturing has taken a dramatic upturn compared to non-manufacturing put-in-place over the past two years.
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Bridge Logistics Properties, 1501 Quail Street, Suite 110, Newport Beach, CA 92660, United States