Looking at the Year Ahead
As we head into 2024, here are a few things we expect to see this year:
A narrowing of the bid-ask gap: A combination of moderating expectations on the part of sellers and increasing liquidity pressure, and buyer confidence that interest rates movement has peaked plus increased pressure to allocate capital will lead to an increase in transactions.
Slowing rent growth: The combination of uneven tenant demand with the coming wave of deliveries will combine to create rent softness in the most over delivered markets and asset types.
Continued challenges for banks: Banks will continue to face significant challenges, leading investors to seek alternative lender executions (debt funds, lifeco, etc.).
Nearshoring & onshoring: Companies will continue nearshoring and onshoring their manufacturing operations, buoying tenant demand in certain select markets.
Happy New Year and as always, thank you for being part of our network!
Featured Availabilities
250 Circle Drive North, Piscataway, NJ 08854
Total Available: 59,572 SF
336 East D Street, Wilmington, CA 90744
Total Available: 38,038 SF of Land
Deal News
BLP continues to expand its Southern California portfolio with the strategic acquisition of an infill, last mile, logistics facility located at 1215 W. Walnut St, Compton, CA. This latest addition is a continuation of BLP’s investment strategy to acquire high quality assets in the Global Gateway markets across the country.
The 57,671-square-foot, rear-load warehouse is located adjacent to the 91 Freeway in Compton, with connectivity to the Ports of Los Angeles and Long Beach, LAX, and Downtown LA. The building, which is fully leased through June 2025, features 24’ clear height, 8 dock high positions, a secured truck court, 83 parking spaces, and ample auto parking.
Rob Flores and Brian Held of CBRE represented BLP on the transaction.
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Bridge Logistics Properties, 1501 Quail Street, Suite 110, Newport Beach, CA 92660, United States