MESSAGE FROM THE CEO
I would like to begin this year’s message by extending my sincere gratitude to everyone in our network. Many of you have been valued partners for decades, while others have joined us more recently. We are truly thankful for each of you; it is ultimately the people who make this work fulfilling and who drive success in this business.
While 2024 presented a host of challenges for the US industrial market, BLP posted a handful of wins this past year. Within our portfolio, we executed on our key business plan leasing objectives and on new debt financings. This despite a choppy leasing backdrop and a volatile macroeconomic environment. The 10 Year Treasury alone gyrated from 4.0% starting in January, 2024 to a low of 3.6% in October, 2024 and as of this writing is back to its April, 2024 peak of 4.6%. With this turbulence, our deal teams closed on some attractive investment opportunities, leveraging their local market knowledge to capitalize on the current dislocation and grow the BLP portfolio in Northern NJ, New York City, Atlanta, Florida, Texas, California, and Seattle.
As we step into the new year, our outlook is one of guarded optimism. We remain vigilant about certain topics and trends. On the macroeconomic front, inflation remains top of mind. Core PCE hooked up in November, registering a +2.82% Y/Y rate, and the Fed is projecting the Core PCE to end 2025 at +2.5% Y/Y rate. The market is also forecasting Fed funds to remain permanently higher bottoming at 3.5% in 2026. This is in contrast to a ten-year period from 2012 to 2022 where the Fed funds rate was at 0% or negative! Other external factors we are watching closely include the possible effects of trade tariffs and continued supply chain reconfiguration as trade re-alignment becomes more entrenched. It is in moments like this period where BLP excels. Our investment philosophy is to always invest with a margin of safety and to find deep intrinsic underlying value in every investment.
Best Wishes,
Jay Cornforth
ACQUISITIONS
222 Morgan Avenue, Brooklyn, New York 11237 | |
|---|---|
 | BLP closed on 222 Morgan Avenue, a 7.4-acre last-mile distribution facility in East Williamsburg, Brooklyn. The low coverage property features a 34,000 SF, 31’ clear warehouse with 14 loading positions and an 8,000 SF fleet maintenance building. The facility, which is 100% leased to an S&P A+ credit-rated food distribution company, is situated on the primary industrial thoroughfare of East Williamsburg within North Brooklyn/NW Queens submarket, which is the geographic center and primary distribution region for New York City. |
333 N Henry Street, Brooklyn, New York 11222 | |
 | BLP closed on 333 North Henry Street in Brooklyn, New York, a 62,000 SF cross dock building in Greenpoint. The property features 31 dock-high loading positions and a covered loading area that allows users the flexibility to park cars and store box trucks securely overnight. NYC has lost 40% of its industrially zoned land in the last 20 years, and opportunities to acquire functional logistics assets are increasingly rare, especially this close to highway infrastructure and the dense, affluent population bases of Manhattan and Western Brooklyn. |
2465 Golden Bear Court, Carrollton, Texas 75006 | |
 | In December, BLP acquired 2465 Golden Bear Court, a fully-leased 75,420 SF distribution facility featuring a unique ~2.4-acre paved excess yard component. The property is located in the Addison micromarket of NW Dallas, where low-coverage sites with functional existing improvements are challenging to find. Golden Bear is strategically positioned to service the DFW Metroplex with nearby access to Dallas North Tollway, President George Bush Turnpike, and I-35E. This acquisition builds on our strategy of acquiring functional, infill assets across Global Gateway markets. |
4542 Dunham Street, Commerce, California 90040 | |
 | BLP closed on 4542 Dunham in Commerce, California. This 5.6-acre site will support the development of a 127,030 SF Class A warehouse featuring 36’ clear height, a 170’-185’ truck court, and rail service. The site's existing improvements provide valuable income optionality during the entitlement process. Strategically located in the highly sought-after Central LA submarket, less than a mile from the 710 and 5 freeway intersection, this property offers connectivity to the Hobart Intermodal, and Ports of Los Angeles and Long Beach. |
LEASES
 | 336 East D Street, Wilmington, California 3 Year Lease / 28,038SF Alliance Transportation Services will use the site to expand their current service offerings and continue to grow their business with existing clients. This execution highlights the durability of highly functional, well-located infill IOS sites in the Ports of LA/LB. |
CONSTRUCTION UPDATES
Park South | GSW - Construction Update
Construction on BLP’s Park South | GSW project in Grand Prairie, TX is nearing completion. Building shells are complete with spec offices and site paving completing in the next few weeks. The project features two Class A rear load warehouses totaling 284,865 SF. Each building includes 43 dock-high doors, two grade-level doors, 24' - 32’ clear height, ample car parking including EV charging, and will be delivered with spec office. Park South | GSW is available for pre-lease, and can demised to suites ranging from 20,000 SF to 285,000 SF.
Gateway @429: Construction Update
BLP continues strong momentum with the site development. The entire 130-acre site has been cleared, disposal of the vegetation nearly completed with earthmoving operations actively progressing. Phase I of the project is on track to deliver a single Class A rear load, front office warehouse totaling 220,329 SF (Building 400) in September 2025. Building 400 will include 62 dock-high doors, 2 grade-level doors, 32’ clear height, ample car parking and a 3,100 SF spec office. Building 400 is available for pre-lease, and can demised to suites ranging from 50,000 SF to 220,000 SF.
FEATURED AVAILABILITIES
ABOUT BLP
BLP is a vertically integrated logistics real estate company and investment manager led by tenured, multi-disciplinary real estate veterans with experience navigating several economic environments over the past three decades. Its founding partners have closed over $30 billion of transaction volume and employ a disciplined investment strategy that is both cycle tested and innovative.
Contact us today for more information about BLP.
Bridge Investment Group Holdings LLC (together with its affiliates, “Bridge”) is providing these materials (the “Materials”) regarding Bridge’s Logistics Properties strategy and the type of transactions targeted on a confidential limited basis, to you (“Recipient”). The distribution to you of the Materials is made for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities in any vehicle managed by Bridge (“Fund”), including those managed by Bridge’s Logistics Properties strategy. Any such offer or solicitation of an offer will only be made pursuant to a Fund’s PPM. Statements contained herein are made as of Q4 2024 unless stated otherwise herein. The Materials are intended for authorized recipients only and must be held strictly confidential. No portion of the Materials may be forwarded, shared, reproduced, or distributed in any format without the express written approval of Bridge. This overview should not be regarded by the Recipient as a substitute for the exercise of their own judgment and the Recipient is expected to rely on their own due diligence if they wish to proceed further in investigating a potential investment in a Fund. This overview may contain forward-looking statements, including but not limited to targets, forecasts, estimates, opinions, and projections that involve elements of subjective judgment and analysis. These forward-looking statements are subject to various risks, and Bridge undertakes no obligation to update these forward-looking statements for events or circumstances that occur subsequent to such dates or to update or keep current any of the information contained herein. The Recipient should not construe the contents of this investment overview as legal, tax, accounting or investment advice or a recommendation. Bridge Logistics Properties Fund Manager LLC and Bridge Investment Group are trademarks of Bridge.
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