Bridge Logistics Properties Raises $1.4B to Buy US Infill Warehouses as Rents Hit $10.34/sq ft

An Apollo affiliate just raised $1.4 billion to buy small, well-located US warehouses. That is the exact space last-mile and regional DC operators need, and growing competition for it is driving prices higher.

The buyer: Bridge Logistics Properties, the logistics real estate arm of Apollo affiliate Bridge Investment Group, closed roughly $1.4 billion for its Value Fund II, beating a $1 billion target. Its plan is to acquire and reposition high-quality warehouse space in supply-constrained US infill and gateway markets. Apollo acquired Bridge in an all-stock deal that closed last September.

The pattern: Bridge is one of several large investors chasing the same scarce space over the past six months:

EQT Real Estate acquired about 8 million sq ft of US infill portfolios in early 2026, including a 1.6 million sq ft portfolio and a 2 million sq ft portfolio Southern New Jersey
Prologis and GIC set up a $1.6 billion build-to-suit JV in March

The squeeze: The scarcity is real. US industrial vacancy was 7.5% in Q1 2026 (JLL), but infill space under 100,000 sq ft remains below 5%. Asking rents have climbed to $10.34/sq ft, up 53% since 2020, and 2025 deliveries fell to their lowest since 2017. Less new supply, more institutional bidders and fewer options for tenants.

The counter-signal: Operators are exiting space in these same markets even as buyers move in. UPS closed 93 buildings in the first nine months of 2025, while FedEx integrated about 290 stations and closed roughly 100 under Network 2.0. Funds like Bridge may be buying the exact facilities large operators vacate, then leasing these to smaller tenants that lack the scale to build.

What to watch: Operators looking for last-mile or regional DC space face a narrowing window at current rates as ownership consolidates. Renewal leverage looks different when the landlord runs an $8 billion portfolio instead of a handful of local properties.

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