Bridge Development Advances Big Warehouse Project in Long Beach
More than 435,000 square feet of industrial space is set for Artesia Boulevard
A plan for a massive warehouse in Long Beach has advanced with the approval of the city’s Planning Commission.
Bridge Development Partners are planning to take advantage of the demand for industrial space in Southern California with a new 416,000-square-foot facility and 21,000 square feet of office space. The $84-million project, called “Bridge Point Long Beach,” will replace a 75-year-old oil refinery at 2400 E. Artesia Boulevard.
Records show the firm purchased the property for $19.4 million in July 2018.
The development is expected to create 500 permanent jobs. As part of the agreement with the city, Bridge Development will provide $250,000 for local community initiatives in North Long Beach.
Demand for such warehouse properties in Southern California has been at an all-time high since e-commerce took over. For example, Bridge Development is also building a new 117,400-square-foot property at 4224 District Boulevard in the city of Vernon. And earlier this year, the firm paid Atlas Capital Group $68 million for a 262,000-square-foot warehouse property near Downtown Los Angeles.
Inventory has been so tight that it’s pushed the market into the Inland Empire, which has become the top location in the country for industrial real estate. In August, Dedeaux Properties spent $88 million for a new industrial property that spans 1 million square feet in Riverside. And earlier this month, Prologis secured a lease for 217,258 square feet at its logistics center in Ontario.