Lakewood gains yet another multimillion-dollar warehouse, distribution development
Lakewood will soon see the development of another warehouse property not far from the planned new Amazon delivery station.
Bridge Development Partners, a Chicago-based firm that focuses on acquiring and developing Class A industrial space, has purchased a 4.23-acre property in Lakewood for nearly $3.4 million as the future site of Bridge Point Lakewood 90, in a joint venture partnership with Pacific Coast Capital Partners (PCCP LLC) of Los Angeles.
Bridge opened its Seattle office in 2018, and the Lakewood site is one of several developments announced since that time.
Other developments include Bridge Point I-5 Seattle, its largest site to date set on 117 acres in Milton. That site is planned as a four-building, 1,943,061-square-foot industrial park just three miles from the Port of Tacoma. The location was formerly a longtime grading and mining business site, referred to as the “Lloyds site” in planning documents.
The Milton site was purchased in December shortly after it acquired Bridge Point Kent 300, to be completed early next year, as a two-building, 309,028-square-foot industrial campus.
In December 2019 Bridge purchased the former Supervalu site in Auburn to redevelop into a single, 206,155-square-foot flexible industrial building, Bridge Point Auburn 200.
The Lakewood development, 7402 150th St. SW, will total 92,445 square feet, with plans to break ground in May at the site that previously was a gravel lot, with completion in the first quarter of next year.
Bridge Point Lakewood 90 “will be a state-of-the-art industrial warehouse and distribution facility featuring a front-load configuration; 32-foot clear ceiling heights; ESFR sprinklers; LED lighting; a 125-foot truck court; 14 exterior dock doors (four drive-in); and parking for 88 cars,” according to the announcement.
“The Lakewood area is now an up-and-coming industrial hotspot, having seen a massive uptick of development to meet the demand for e-commerce distribution centers and logistics facilities. The South Tacoma submarket specifically is ideal for major e-commerce players, blue chip companies, and other tenant types alike,” said Justin Carlucci, Partner for Bridge’s Northwest Region, in the company’s announcement.
“Since entering the burgeoning Greater Seattle market three years ago, Bridge has continued to establish itself among the premier developers in the region. We are both proud and excited to announce our plans for Bridge Point Lakewood 90, and look forward to it serving as a new chapter for our growing presence and success in the Tacoma area.”
All of this comes on the heels of other recently unveiled development for Lakewood, including the entry into Washington state of California firm MCA Realty, who purchased the Lakewood Business Park, and firearms parts and components manufacturer Aero Precision announcing its move from Tacoma to Lakewood.
“We’re excited to be an equity partner with Bridge, as well as a construction lender on a separate transaction. Lakewood has grown into a high-demand industrial market and we look forward to this speculative development with Bridge’s local Seattle team,” said Dorian Farhang, Vice President with PCCP.
Since 2018, Bridge has developed 2 million square feet of Class A industrial product in the Pacific Northwest and acquired enough land region wide to develop an additional 2.34 million square feet in the coming years, according to its news release.
Besides the Seattle-Tacoma area, Bridge also focuses on core industrial markets in Chicago, Miami, New Jersey/New York, Los Angeles/San Francisco, and London.
This story was originally published March 26, 2021 at 5:45 AM.
