Bridge Development Partners, LLC has announced the acquisition of an 11.45-acre property at 701 15th St. SW, Auburn, where it plans to launch the development of a single, 206,155-square foot flexible industrial building, Bridge Point Auburn 200, according to the firm’s news release Tuesday.
The property, previously owned by grocery retail and supply chain Supervalu, is no longer being used for the store’s operations and consisted of several partially demolished buildings originally built in the late 1960s. As part of its redevelopment plans, Bridge will remediate the environmentally challenged site to transform this once-desolate plot of land into an economically productive facility that will provide significant benefits to both future users and the surrounding community, the news release said.
Bridge’s planned industrial facility will feature 32-foot clear ceiling heights and parking, including 33 trailer storage stalls and spaces for cars. The new, front-loading facility will be able to cater to tenants as small as 70,000 square feet and as large as 206,155 square feet. Under its current design, the state-of-the-art industrial building will offer three separate storefronts.
The new facility is expected to be delivered by late 2020.
“This property presents an extraordinary opportunity for us to provide much-needed industrial space to the booming Seattle region, which is continuously attracting users in the technology, e-commerce, shipping and creative industries,” said Justin Carlucci, Partner of Bridge’s Northwest Region. “We are excited to add a brand new, state-of-the-art facility to the Kent Valley region, and are grateful to the city of Auburn for their cooperation and support throughout the acquisition and planning process.”
The property is a part of North Kent Valley and is strategically located between two of the region’s major demand drivers in the Port of Tacoma and the Seattle CBD, as well as sitting at the intersection of State Routes 18 and 167, offering access to some of the Seattle area’s major arteries. Bridge is continuing to acquire vacant sites in this highly-desirable, supply-constrained market for tenants meeting last-mile delivery needs.
Monte Decker of CBRE Tacoma represented Supervalu in the transaction and will also serve as the leasing broker for the site.
About Bridge Development Partners
Bridge Development Partners, LLC (bridgedev.com) is a privately-owned firm that focuses on the acquisition and development of Class A industrial real estate in the supply constrained core industrial markets of the Bay Area, Southern California, Chicago, Miami, New Jersey/New York and Seattle. Since its inception in 2000, Bridge has successfully acquired and developed more than 42 million square feet of industrial buildings/projects valued at more than $6.9 billion. Bridge has a strategic joint venture with investment partnerships managed by Banner Oak Capital Partners, L.P., a Dallas-based investment advisor.