BLP and Townsend Announce 2nd Venture
BLP and The Townsend Group (“Townsend”) announced Monday a definitive agreement forming a joint venture to deploy $147 million of equity, with the option for upsizing to $200 million, to acquire, develop, and operate global gateway logistics assets in the United States. This partnership follows the successful first joint venture announced in December 2021, in which the team committed $335 million of equity in similar assets.
“Bridge Investment Group’s continued partnership with Townsend represents another milestone in expanding the progression of our value-add logistics strategy,” commented Jay Cornforth, Chief Executive Officer of Bridge Logistics Properties (“BLP”). “We are excited to partner with Townsend to capitalize on new opportunities created by the current environment and to leverage our experience and longstanding relationships to access potential investments. Our focus on gateway, infill markets is positioned to benefit from long-standing secular trends which are driving exponential demand growth along with structural infill supply limitations.”
Townsend has invested $11.2 billion in logistics in developed and developing markets globally since 2015. “BLP is a highly experienced operating partner and well positioned to execute its disciplined investment strategy focused on gateway, infill logistics markets. The tenured and cycle-tested team, led by Jay Cornforth, and Brian Gagne, Chief Investment Officer, has a strategic approach to portfolio construction and deep regional footprint which enhances their presence and access in the market,” said Scott Miller, Partner, The Townsend Group.
BUILDING ACQUIRED - 6321 E Stassney Lane, Austin, TX
BLP is pleased to announce the closing of 6321 E. Stassney Lane in Austin, TX. The 72,000 SF, Class A rear load warehouse is located in Expo Business Park, just west of Austin-Bergstrom International Airport, with excellent connectivity to the Austin CBD. The facility, which was constructed in 2019, features a 28' clear height, 45'x40' column spacing, 27 dock-high loading positions, and excellent visibility at the corner of Stassney Lane and Burleson Road in the heart of Austin's Southeast submarket.
Thank you to Allen Lindow of CBRE for his assistance in the closing of this transaction.
Bergen County CASA
BLP Northeast partnered with the Jewish Federation of Northern New Jersey to bring 250 backpacks filled with school supplies for foster youth to Bergen County CASA. The nonprofit supports children in Bergen County, NJ, in their journey into safe, permanent homes.
Bridge Logistics Properties, 1501 Quail Street, Suite 110, Newport Beach, CA 92660, United States