14.8 billion square feet. That is where industrial demand is expected to be by 2023, about 850 million square feet away from where we are today. Without a doubt, the industrial asset class continues to be white-hot with activity. Yet, there are signs of fundamentals shifting and in some markets supply appears to be finally catching up with demand. But on the whole demand looks solid for the foreseeable future.
It would seem easy, at first glance, to navigate this market. All you have to do is find an asset, buy and renovate it to meet current tenant demands. Or develop one from the ground up. Lather, rinse, repeat.
In truth, of course, it is far more difficult than that, with such things as valuation, underwriting and changing trends in the industry needing to be factored in. In fact, one could make the claim that the market is that much more difficult to navigate because activity has been so intense.
Hence our industrial influencers on the next several pages. We have chosen individuals and teams that have demonstrated their mastery of these nuances and are thriving in an active-but-complicated market.
ADAM ABUSHAGUR Taking the time to learn the market from the ground up allowed Adam Abushagur to become a trusted advisor, creating an investment advisory team specializing in industrial properties and long-term relationships with investors. Abushagur began his career in 2016 with Marcus & Millichap through its SIP program, which is offered to less than 5% of new agents.
Abushagur established a team and grew it 10-fold within the last year acquiring agents and a full-time staff, consisting of escrow, operations, marketing, research, strategy and analytics. Since 2017, his team has closed 43 industrial investment transactions in excess of $107 million.
In addition to Abushagur's numerous achievements, the turning point and major accomplishment in his career was being recognized as the top transitioned sales intern across the entire Marcus & Millichap brokerage team at its National Achievement Awards in 2017, recognized as the number two office/industrial agent, and top 10 Texas agent in 2017 and 2018. Today, Abushagur ranks among the top three office and industrial investment sales agents.
Abushagur impacts lives through the philanthropic initiatives of the North Texas Food Bank and Feeding America's Million Meals Initiative. The M&M Dallas office boxed 25 pallets (10,150 meals) and raised money to serve 300,000 meals to families throughout North Texas in 2018.
ANNIE BAXTER Annie Baxter joined CBRE's location strategy and incentives practice with more than 12 years of experience in economic development, a majority of which was spent with the Georgia Department of Economic Development leading large site selection projects and negotiating incentives on behalf of the state. This resulted in more than 6,000 new jobs and $2 billion in investments for manufacturing and distribution centers. In 2015 and 2016, Baxter was named a Top 50 economic developer by Consultant Connect.
In December 2017, Baxter was named NAIOP Georgia Volunteer of the year, along with two others, for her work with the first NAIOP Diversity Camp. She served as NAIOP Georgia board member from 2013 to the present, NAIOP Future Leaders class of 2011, executive committee in 2012 and Future Leaders director in 2013. Baxter was elected by the Georgia SIOR board as an associate member, serving from 2014 to 2015. She was the first-ever state economic development member in Georgia. Baxter was a Leadership Georgia Graduate in 2016.
Through NAIOP Georgia, she volunteers annually for various events benefiting the Ron Clark Academy, a nonprofit middle school located in Southeast Atlanta. Baxter also volunteers annually as a judge for the Georgia 4H club's State Congress competition.
MICHAEL BENNETT Michael Bennett has more than two decades of experience designing industrial projects and has been involved in more than 75 million square feet of industrial and manufacturing projects in the last five years. Bennett began his 22-year career at Ware Malcomb in 1997 as a designer in its Irvine, CA office. He is now responsible for leadership of Ware Malcomb's East Coast region, helping build many offices, including the firm's first office on the East Coast in New Jersey, followed by a New York City office.
In 2013, Ware Malcomb designed the winning concept for NAIOP's distribution/fulfillment center of the future, which featured a five-story automated fulfillment center. Bennett now implements the prototype on more than a dozen multi-story projects in development for Ware Malcomb in the Northeast alone.
He is an active member of NAIOP and IOREBA, a LEED-accredited professional and National Council of Architectural Registration Boards Certified. Bennett has presented on multistory distribution and other industrial market trends at numerous events for NAIOP, ULI and others. He is a participant in Ware Malcomb's program Culture Designed to Care, celebrating the firm's culture of giving. Bennett also mentors within the company.
BRIDGE DEVELOPMENT PARTNERS As the industrial market continues to surge, Bridge Development Partners has been at the sector's forefront. Bridge has earned its reputation as a leader creating adaptable facilities, and as a company able to transform brownfields and other underutilized parcels into economically productive venues in supply-constrained markets. Since its inception in 2000, Bridge has developed more than 33 million square feet of industrial buildings and projects with a total valuation of more than $5.2 billion. Since 2013 alone, the company acquired and/or developed and sold more than 28 million square feet of real estate valued at more than $4.8 billion; building its portfolio in the supply-constrained core industrial markets of Chicago, South Florida, New Jersey/New York, Southern California, the Bay Area, and the Seattle and Portland regions.
While the company's expansion and success during this period has been impressive, three projects stand out as particularly significant: the Box Yard, Bridge Point Franklin Park and Sunset Industrial Park. These projects serve as a testament to Bridge's innovative approach to development, environmental remediation and its ability to unlock regional economic potential.
In January 2019, Bridge acquired the Box Yard, a 261,528-square-foot industrial property in Los Angeles. The plans for the property include all-new office buildouts and aesthetic updates, as well as electric vehicle charging stations. Located within walking distance of the downtown Arts District and a 10-minute drive from the Financial District, this project is especially crucial to the industrial users displaced by the large influx of commercial development in the area. The Box Yard is arguably the last truly industrial building located near downtown Los Angeles, making it a critical component of the city's economic future.
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