CPP Investments and Bridge Industrial have formed a $789 million joint venture focused on industrial assets.
Bridge Industrial has taken a 5 percent stake, while CPP Investments holds the other 95 percent. The partners aim to find properties that will speed delivery times in key markets with limited space for industrial warehouse development.
This is the second partnership between CPP Investments and Bridge. The initial develop-to-core venture, formed in 2021, deployed capital into new construction projects in the Los Angeles and Miami markets.
In July, Bridge Industrial began demolishing Ryder Systems’ former headquarters in Miami. It intends to develop a two-building, 326,448-square-foot Class A industrial complex in its place. The completion of Bridge Point Flagler Station is expected in the third quarter of 2025.
More recently, in December, Bridge Industrial purchased a two-building industrial portfolio totaling 315,422 square feet in Kent, Wash. Link Logistics sold the assets through an affiliated entity for $64.2 million, according to King County public records.
Industrial joint venture investments
Other joint ventures are underway in the industrial market. It’s an interesting time, given many of the leases signed in 2020 and 2021 are soon up for renewal. The lack of new development means potentially significant price increases.
Redfearn Capital formed a joint venture with TPG Angelo Gordon to strategically invest in industrial assets across the Southeast, with a particular focus on Florida, where industrial vacancy rates remain exceptionally low, according to Alex Redfearn, founder, president & CEO of Redfearn Capital.
Among several investments made through this partnership, one of the most notable was the $47.8 million acquisition of an eight-building industrial portfolio in Jacksonville last year, Redfearn told Commercial Property Executive. The portfolio, totaling 380,589 square feet, is strategically located in the city’s Westside and Southside submarkets.
Altman Logistics Properties is part of two entities involved in purchasing and planning the development of separate industrial projects in New Jersey.
In October, Altman acquired a 10.5-acre site for the development of Apex Logistics at Parsippany in Parsippany, N.J., by a joint venture between Altman Logistics Properties (formerly known as BBX Logistics Properties), the family office Renard Investments and DHS Real Estate Investment Management B.V., based out of Amsterdam, The Netherlands. The project will comprise approximately 140,000 square feet of Class A logistics space.
In November, Altman acquired a 15.7-acre site to develop Apex Logistics at Hamilton in a joint venture with DWS. The project is expected to comprise approximately 170,800 square feet of Class A logistics space in Hamilton Township, N.J.