Bridge Investment Group has bought an East Williamsburg, Brooklyn distribution center for $105.3 million. It comes courtesy of records from the New York City Department of Finance.
The operator of the 41,900-square-foot facility since 2004 has been Frito-Lay, when the food and snack giant first bought it for $8.7 million, according to a report from the Commercial Observer. The entity used on the sale was Rolling Frito-Lay Sales LP, which is also owned PepsiCo.
It's unclear what Bridge's intentions will be at its new facility — but the firm has been playing offense across multiple asset classes this year. This includes going from a lender to an owner on a Washington D.C 165,604-square-foot office property over the summer, according to a separate report from the CO. Also, Bridge purchased a 406-unit multifamily asset in Santa Ana, California for $129.2 million last month.
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As far as overall activity goes in CRE, a new report from Colliers shows that investors are expressing confidence in the market for 2025 thanks to the Federal Reserve's actions on interest rates. Transaction volume is set to bounce back by 25%-33% compared to this year, with industrial properties leading the charge in pricing growth, Colliers predicted.
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