By Meghan Hall
Bridge Development Partners is moving forward with its plans for another Bay Area industrial development and has solidified its commitment to its vision with the $134 million acquisition of several North San Jose assets. In a deal that closed yesterday, Bridge acquired 2150 Commerce Drive, as well as 222 and 2350 Qume Drive from Becton, Dickinson & Company, a Franklin Lakes, N.J.-based medical technology company.
The deal was first reported by the Mercury News. Combined, the properties sit on about 32 acres of land.
In April, Bridge submitted initial plans for redevelopment of the site, and the buildings currently present will be demolished to make way for new development. Under Bridge’s proposal, the buildings would range between 72,113 square feet and 352,240 square feet. The Class A spaces would feature dock-high doors as well as plenty of parking. The project will be designed by Herdman Architecture + Design Inc.
The assets are located near Interstate 680 and 880, as well as Highway 101. In a mostly commercial district, a number of major, big box retailers and distribution businesses are in the area, including FedEx, Costco, Target, The Home Depot and Safeway.
Since its entrance into the Bay Area market, Bridge has closed hundreds of millions in transactions, and its deals have included 922,000 square feet of space. Bridge Development broke into the market with Bridge Point Silicon Valley in Milpitas. The 34-acre development, which includes more than 722,000 square feet of space, was completed in the fourth quarter of 2020. The project has been 100 percent leased to Amazon.
Also underway is Bridge Point Oakland. Located on International Boulevard, the 534,208 square foot development. The project’s expected completion is the first quarter of 2022, according to a marketing brochure released by CBRE. The property has not yet been leased.