Mega-Industrial Build is Bridge Development’s First and Largest Bay Area Project
The 722,040-square-foot industrial facility, Bridge Point Silicon Valley, is being developed by Bridge Development, whose VP says growing the Bay Area presence is crucial to its strategic growth in California.
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.