Building I will measure 333,800 square feet and Building II will total 388,240 square feet at 205 N. McCarthy Blvd.
MILPITAS, CA—Representing Bridge Development Partners' first and largest Bay Area project, the 722,040-square-foot industrial facility, Bridge Point Silicon Valley, is now underway. Bridge Development views the project on the 34.5-acre site as a significant milestone in its pipeline.
"Growing our presence in the Bay Area is crucial to Bridge's strategic growth in California," said Greg Woolway, vice president and Bay Area market leader at Bridge Development Partners. "We currently have 17 projects totaling more than 12.5 million square feet in our pipeline focused in the Bay Area, Los Angeles County and the Inland Empire."
The site, located at 205 N. McCarthy Blvd., is comprised of two buildings. Building I will measure 333,800 square feet, while Building II will total 388,240 square feet. Both facilities are planned to have 36-foot clear ceilings and 185-foot truck court depths.
Bridge acquired the site from Hudson Pacific Properties in 2019 and is expected to deliver the development in the fourth quarter of 2020. The site has historically been undeveloped and sits at a critical intersection for both Silicon Valley and traditional industrial users. Facebook and Apple are located nearby, as well as Tesla, creating significant opportunity for a wide variety of tenants in technology and other industries at the site.
Bridge Point Silicon Valley's design will include an exposed wood grain soffit and ornate curtain wall system.
"The architectural design of this project is forward thinking, reflecting the Silicon Valley location," Woolway tells GlobeSt.com. "The design features take into account not only tenants but the tenants' employees."
Bridge Point Silicon Valley is located along the Interstate 880 corridor, which has consistently ranked as the top Bay Area industrial market due to the presence of both leading technology players and traditional warehouse facilities. The site also has access to Route 237 and Interstate 680, making it a prime location for tenants in shipping, logistics and other industries.
"The region is experiencing significant demand from technology, e-commerce and logistics users, and Bridge Point Silicon Valley is uniquely positioned to service the groups that require warehouse space in close proximity to the many leading technology companies in this area," adds Woolway. "We are thankful to the city of Milpitas for their dedicated partnership and support throughout the process of this acquisition, and look forward to completing a development that can serve as a true cornerstone for Bridge's growing Bay Area portfolio."
Jason Ovadia and Greg Matter of JLL are the leasing brokers for the property.
More than 1.3 million square feet of new construction delivered across Newark and Milpitas by year-end 2019, 570,000 of which was preleased. With the remaining space likely to deliver vacant, tight market conditions will be further alleviated as availabilities increase, according to a report by JLL.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
