Bridge Logistics buys 21.3-acre XPO terminal at half land value
The Santa Fe Springs site is fully leased to XPO; the price and lease term were not disclosed.
At a glance
BLP, a Bridge Investment Group Holdings subsidiary, said it paid roughly half of today's comparable land value; neither the price nor the lease term was disclosed.
For an allocator, the entry basis carries the return: what 21.3 acres of Los Angeles County land can be re-let or redeveloped for when XPO's lease ends.
Bridge Logistics Properties bought a 21.3-acre truck terminal in Santa Fe Springs, Calif., in an off-market transaction. The site is fully leased to XPO.
BLP, a Bridge Investment Group Holdings subsidiary, said it paid roughly half of today's comparable land value; neither the price nor the lease term was disclosed. Connect CRE reported the acquisition on Oct. 22.
For an allocator, the entry basis carries the return: what 21.3 acres of Los Angeles County land can be re-let or redeveloped for when XPO's lease ends. BLP describes the submarket as one of the county's most supply-constrained industrial markets.
BLP tracked the property with Colliers for about four years; Jace Gan and Clyde Stauff of Colliers worked the transaction. "Truck terminals of this scale are extraordinarily difficult to replicate in Los Angeles today," said Paul Jones, BLP managing director for the West Region. The basis, he said, leaves "multiple paths for the property at lease expiration."
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