Closing the Book on 2022 as We Head Into the New Year.
Happy new year! We hope you and your family have enjoyed a wonderful holiday season.
2022 was a great year for BLP. In our vertical’s first full calendar year, we secured more than $1.5bn of infill real estate in coastal gateway markets and leased 25% of our owned portfolio ahead of schedule, at a 15% premium to pro forma rents.
We hope to build on that momentum heading into the new year as we continue to uncover unique value and capitalize on strong tenant demand for infill, hard to replace logistics assets in our primary marketplaces.
Thank you for being part of our growing network!
DEAL NEWS
3200 Earhart Drive, Dallas-Fort Worth
BLP is pleased to announce the acquisition of 3200 Earhart Drive, a 44,955 SF industrial asset in the Metropolitan/Addison submarket of Dallas-Fort Worth. Thefully leased property features 1.5-acres of excess land, a 22’ clear height, HVAC production space, and 6 loading doors.
Metropolitan/Addison continues to demonstrate robust fundamentals as reflected by a tight 2.0% submarket vacancy and 16% year-over-year rent growth. This infill location is encircled by Dallas’ highest income rooftops and exhibits excellent freeway infrastructure, which drives the exceptional submarket performance.
Thank you to Alex Perry and Randy Blankenship of Biel Partners for assisting in the closing of this transaction.
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Reshoring
More signs of rapid reshoring for American manufacturing: PC, electronic, and electrical manufacturing construction has seen a sharp upturn since 2021.
Yet more evidence of reshoring’s dramatic rise: 2021 was a record year for manufacturing reshoring, with over 160,000 estimated new jobs. 2022 is estimated to have broken that mark by a significant margin.
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Bridge Logistics Properties, 1501 Quail Street, Suite 110, Newport Beach, CA 92660, United States