BLP Bulletin - Q1 2025 Recap
- Bridge Logistics Properties
- Apr 22
- 5 min read
Updated: Apr 23


As we close out the first quarter of 2025, the above image certainly captures the global uncertainty that has been unleashed. None of us ever have any idea what the future will bring just like none of us foresaw the magnitude and scale of the tariff increases announced on April 2. Similar to the GFC when I was at AMB (now Prologis) and Brian Gagne at KTR (acquired by Prologis in 2015), we will not be frozen into inaction. As value investors we always seek to invest with a margin of safety in mind and a keen appreciation for cost basis. While we offer no prescriptions or forecasts we will continue to balance investment opportunities with strong risk management.
During the quarter, we closed on two infill acquisitions in South Florida and Boston. Both assets are 100% leased with good lease duration and at a very attractive cost basis. During the quarter we also broke ground on the development of a 76,230 SF infill building in New Jersey and a 364,529 multi-tenant distribution park in Austin, TX. We were also active on the financing front with a $129M acquisition loan through TPG. Continue below for more details.

Jay Cornforth
PORTFOLIO UPDATE: ACQUISITIONS
1320 NW 65th Place, Fort Lauderdale, FL 33309 | |
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Southeast Region (South Florida) BLP closed on 1320 NW 65th Place, a 35,960 SF frontload warehouse in Cypress Creek Business Park in Fort Lauderdale. This high-throughput property is 100% leased to a single-tenant. This is BLP’s seventh acquisition in South Florida, and fourth along the I-95 spine in Broward County, where tenants have efficient access to highway infrastructure, a strong labor pool and proximity to South Florida’s wealthy coastal demographics. | |
15 & 197 Commercial Street, Malden, MA 02148 | |
![]() | Northeast Region (Boston) BLP acquired 185 and 197 Commercial Street in Malden, MA. The Property consists of two transload, low-coverage industrial facilities in the Boston Urban Core that is 100% leased through 2031. Offering unique functionality, the Property services an array of logistics users seeking proximity to Boston’s densest consumer base. |
PORTFOLIO UPDATE FINANCING
BLP closed on a $129,000,000 acquisition loan with TPG, capitalizing a 4-asset, infill industrial portfolio totaling 879,000 SF across Brooklyn, Atlanta, and Dallas-Fort Worth. This infill portfolio exhibits unique functionality strategic to high velocity and last mile distribution requirements. We look forward to working with TPG to unlock the full value of these assets. |
222 Morgan Avenue, Brooklyn, NY 11237 ![]() | 333 North Henry Street, Brooklyn, NY 11222 ![]() |
3655 Atlanta Industrial Dr. NW, Atlanta, GA 30331 ![]() | 7400 Jack Newell Blvd. S, Fort Worth, TX 76118 ![]() |
CONSTRUCTION UPDATES
Groundbreaking: 485 Elizabeth Avenue, Somerset, NJ
BLP broke ground on 485 Elizabeth Avenue in Somerset, NJ in late October 2024, and construction is progressing rapidly. Tilt-up panels are in place, structural steel is going up this week, and sitework is well underway. We remain on schedule for project completion in August 2025. This Class A, 76,230 SF front-load warehouse will feature 10 dock-high doors, one grade-level door, 40' clear height, 36 car parking spaces—including EV charging—and 2,000 square feet of office space built to suit. 485 Elizabeth Avenue is currently available for pre-lease.
Construction Update: Gateway @429, Orlando, FL
Since breaking ground in August 2024, BLP has completed site clearing across the full 130-acre property, with surcharge and earthwork operations currently underway. Phase I of the project remains on schedule to deliver in October 2025, featuring Building 400—a 220,329 SF Class A rear-load warehouse with a front office configuration. The building will offer 62 dock-high doors, 2 grade-level doors, 32' clear heights, and generous car parking. It will also include a 3,100 SF spec office delivered as part of the core-and-shell package. Building 400 is currently available for pre-lease and can be demised into suites ranging from 50,000 to 220,000 SF. Future phases of the project will bring an additional 1.175 million SF of industrial development to the site.

Groundbreaking: Southeast Crossing, Austin, TX
BLP broke ground on Southeast Crossing, a six-building, 364,529 SF Class A business park located in Austin, TX! This modern business park features plenty of car parking, outstanding visibility, excellent circulation, above-standard corner entries and glass storefronts, 24’ – 36’ clear heights, and dock-high loading throughout. With buildings ranging from 20,222 SF to 156,864 SF, the park is highly diversified and truly unique, allowing for small-to-mid-size tenants to occupy their own building with modern logistics specs, and targets the deepest pool of Austin’s traditional infill tenant demand.
Construction is moving swiftly—earthwork is well underway, foundations are starting and building slabs are planned to be complete in April/May. Strategically located less than 2 miles west of Austin-Bergstrom International Airport, the site offers unmatched connectivity with quick access to SH 71, SH 130, SH 183, and I-35–all within a 10-minute drive.

FEATURED AVAILABILITIES
ABOUT BLP
BLP is a vertically integrated logistics real estate company and investment manager led by tenured, multi-disciplinary real estate veterans with experience navigating several economic environments over the past three decades. Its founding partners have closed over $30 billion of transaction volume and employ a disciplined investment strategy that is both cycle tested and innovative.
Contact us today for more information about BLP.
Bridge Investment Group Holdings LLC (together with its affiliates, “Bridge”) is providing these materials (the “Materials”) regarding Bridge’s Logistics Properties strategy and the type of transactions targeted on a confidential limited basis, to you (“Recipient”). The distribution to you of the Materials is made for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities in any vehicle managed by Bridge (“Fund”), including those managed by Bridge’s Logistics Properties strategy. Any such offer or solicitation of an offer will only be made pursuant to a Fund’s PPM. Statements contained herein are made as of Q4 2024 unless stated otherwise herein. The Materials are intended for authorized recipients only and must be held strictly confidential. No portion of the Materials may be forwarded, shared, reproduced, or distributed in any format without the express written approval of Bridge. This overview should not be regarded by the Recipient as a substitute for the exercise of their own judgment and the Recipient is expected to rely on their own due diligence if they wish to proceed further in investigating a potential investment in a Fund. This overview may contain forward-looking statements, including but not limited to targets, forecasts, estimates, opinions, and projections that involve elements of subjective judgment and analysis. These forward-looking statements are subject to various risks, and Bridge undertakes no obligation to update these forward-looking statements for events or circumstances that occur subsequent to such dates or to update or keep current any of the information contained herein. The Recipient should not construe the contents of this investment overview as legal, tax, accounting or investment advice or a recommendation. Bridge Logistics Properties Fund Manager LLC and Bridge Investment Group are trademarks of Bridge.