Bridge Logistics Properties (BLP), a subsidiary of Bridge Investment Group Holdings LLC, has acquired a 133,115-square-foot Class A distribution facility at 10740 Banana Ave. in Fontana, within the Inland Empire West submarket. BLP sourced the transaction off-market at an attractive basis below today’s replacement costs.
Built in 2020, the asset is located within the Southwest Industrial Park. It is fully leased through 2028, providing durable cash flow as market fundamentals improve. In-place rents are below market, providing a path to grow NOI in the future.
“This was an attractive opportunity to acquire a modern, well-located asset with in-place cash flow,” said Grant Moore, VP of West Region investments at BLP. “With virtually no new buildings under construction in this size range within the Inland Empire West, and a chance to grow NOI in the near term, we feel we’re well-positioned to capitalize on the market’s improving fundamentals.”
Marc Alfert and Clay Skistimas of Eastdil Secured and Steve Sprenger of Newmark facilitated the acquisition.
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