By Natalie Silady CoStar Research
Chicago-based Bridge Industrial, a privately owned real estate operating company and investment manager that acquires and develops industrial real estate in supply-constrained core industrial markets, has started construction on a two-building speculative development in Philadelphia named Bridgepoint Philadelphia.
Bridge, which acquired the infill industrial site off Orthodox St. near the Betsy Ross Bridge with access to I-95 and New Jersey in 2022, is building a 740,701-square-foot, cross-dock facility with 40-foot clear height and 113 exterior docks at 2951 Orthodox St. and a smaller 148,611-square-foot, side-dock structure with a 36-foot clear height with 27 exterior docks. The large building is expected to be completed in December of this year and the smaller one in November.
In marketing materials for the project, Bridge cited Philadelphia's location within a 48-hour drive to 50% of the U.S. and Canadian population and proximity to Philadelphia's international seaport, and the plans to expand air cargo capacity at the Philadelphia International Airport by 136 acres and triple its air cargo capacity.
Since its inception in 2000, Bridge has successfully acquired and developed more than 67 million square feet of industrial buildings/projects valued at more than $12.6 billion.
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