Bridge Net Lease, a Subsidiary of Bridge Investment Group, Acquires Manufacturing and Distribution Assets in Pennsylvania
02 June 2023 - 6:15AM
Business Wire
Bridge Net Lease announced that it has acquired two off-market
manufacturing and distribution assets located in Hazleton, PA,
totaling 283,450 square feet. The assets, located at the
intersection of two critical interstate highways, are 100% leased
on 15-year absolute net leases with two additional 5-year options.
The mission critical assets serve as the tenant’s sole US
manufacturing and distribution facilities. The transaction was
brokered by the CBRE National Partners Northeast team consisting of
Mike Hines, Brian Fiumara, Brad Ruppel, Joe Hill, and Lauren
Dawicki, along with Vincent Ranalli and Tony Gruenling.
“The investment is representative of our investment thesis of
acquiring mission critical assets leased on a long-term basis to
credit-worthy tenants in all material respects. The 15-year
sale-leaseback of two manufacturing and distribution facilities for
a packaging systems manufacturer should provide stable cash flow to
our LPs. The properties sit directly on I-81 (40,000 cars a day)
and are minutes away from the intersection of I-81 & I-80,
providing an equidistant connection to New York City and
Philadelphia (2.5 hours) and making them strategically located
within a 4-hour drive to over 50 million people.” said Brandon
Flickinger, Co-Chief Investment Officer of Bridge Net Lease.
About Bridge Net Lease
Bridge Net Lease manages the industrial net lease strategy of
Bridge Investment Group Holdings Inc. (NYSE: BRDG) (“Bridge”).
Bridge Net Lease is led by CEO Mike Sodo and Co-CIOs Matt Tucker
and Brandon Flickinger. Since launching in July 2021, Bridge Net
Lease has invested over $700 million into industrial net lease
warehouse properties and build-to-suit development projects,
including logistics, manufacturing, distribution and cold storage
assets located in primary and logistically connected prime growth
markets throughout the US, totaling more than 5.85 million square
feet. Bridge Net Lease is based in Arlington, VA with presence in
Chicago, IL and Phoenix, AZ.
About Bridge Investment Group
Bridge is a leading, alternative investment manager, diversified
across specialized asset classes, with approximately $48.8 billion
of assets under management as of March 31, 2023. Bridge combines
its nationwide operating platform with dedicated teams of
investment professionals focused on select U.S. verticals across
real estate, credit, renewable energy and secondaries
strategies.
Forward-Looking Statements
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of 1995, which relate to future events or our future performance or
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version on businesswire.com: https://www.businesswire.com/news/home/20230601005721/en/
Media and Investor Relations: Charlotte Morse Bridge
Investment Group Holdings Inc. press@bridgeig.com (877)
866-4540
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