Bridge Net Lease, subsidiary of Bridge Investment Group, announced that it has acquired a Class-A manufacturing and distribution asset located in the Port St. Lucie submarket of South Florida, totaling 411,852 square feet. The asset is 100% leased on a long-term net lease to TAMCO, a division of City Electric Supply Company, one of the largest electric supply wholesalers in the US. "The acquisition of this asset continues our differentiated investment strategy of acquiring mission critical assets in domestic primary and logistically connected prime growth markets leased on a long-term basis to creditworthy tenants. The asset is an excellent addition to our portfolio increasing our weighted average lease term and weighted average unlevered entry cap rate while increasing our investment base in fundamentally strong growth markets in the Southeastern US" said Brandon Flickinger, Co-Chief Investment Officer of Bridge Net Lease.
Published first on TheFly
