Industrial

“Consistent with the opportunities we see in the marketplace, we intend to complete our strategic shift by monetizing our remaining, high-quality office assets and focusing our efforts and capital solely on our industrial platform,” Liberty's Bill Hankowsky says.

Bridge plans to develop a fifth 216,300-square-foot building on a speculative basis, and signed two new industrial leases totalling more than 132,000 square feet within the existing properties.

The portfolio includes two well-located suburban office warehouse properties in Golden Valley and Hopkins that were 93-percent occupied at the time of sale.

One of the scarce available properties is available no more, with Dermody Properties acquiring a 390,800-square-foot distribution space at Hacienda Business Park including excess land for future expansion.

“I think this program is going to force capital that's been sitting on the sidelines to act and to get invested in some of the communities that need it the most across the country,” says Lindsay Sparacino, managing director of EJF Capital.

High-quality infill remains in high demand by investors, causing average rent to blow by the $6 per-square-foot threshold, says Transwestern's third-quarter industrial outlook showing rent growth across nearly every market tracked.

Wildflower is building the Brooklyn Logistics Center.

Bridge Development has made another significant purchase, this time in the I-55 corridor.