Bridge announces an agreement to sell an industrial portfolio consisting of 10-buildings
Northern NJ, Southern CA and South FL — Bridge Development Partners, LLC (Bridge) has announced an agreement to sell a 10-building industrial portfolio totaling 3,424,732 s/f to Duke Realty Corp. for $515 million. Each of the assets are newly constructed state-of-the-art facilities in the nation’s top infill industrial markets of Northern NJ, Southern CA and South FL. The transaction will be completed in phases, with the first and second phases having closed on September 27th and October 25th, and the final phase expected to close near the end of the year. In addition to the 10 completed properties, the deal includes two land parcels on which two properties totaling 852,745 s/f will be constructed, beginning later this year. Once fully constructed the total cost of the portfolio will be nearly $700 million. This is one of 2017’s largest industrial sales and brings Bridge’s year to date sales volume to over $1.1 billion. The NJ properties included in the first two phases of the sale are: • Bridge Point South Brunswick, a 488,884 s/f building at 773 Davidson Mill Rd. in Monroe Twp., NJ. This building is 100% leased to two regional 3PL companies who valued the properties proximity to the Exit 8A interchange off I-95 • Bridge Point Meadowlands, located at 5 Ethel Blvd. in Woodridge, NJ, is one of the land parcels in the deal currently under construction. Upon completion, the new state-of-the-art facility will total 193,805 s/f • Bridge Point Carteret, a 206,500 s/f building located just off Exit 12 of I-95 at 900 Federal Blvd. in Carteret, NJ. The building is 100% leased to Virginia Dare Extracts for 15 years who relocated their long-time operations from Brooklyn, NY • Bridge Point Cranbury, a 264,085 s/f building that was recently leased and is located at the corner for Rte. 130 and Broadway Rd. in Cranbury Twp., NJ. “We are extremely proud of the accomplishments of our New Jersey team. This transaction consists of over 2,260,000 s/f of existing buildings as well as two buildings currently under construction totaling over 852,000 s/f. Developing over 3.1 million s/f of buildings worth over $520 million in three years in such a challenging market as New Jersey is a testament to the talents and tenacity of our team”, said Jeff Milanaik, regional partner for Bridge. “This portfolio sale is part of the $1.1 billion of new state-of-the-art industrial assets Bridge will sell in 2017,” said Steve Poulos, Founder/CEO of Bridge Development Partners. “The portfolio includes a mix of fully stabilized, partially stabilized and completely vacant assets.” Brokers with CBRE National Partners and HFF helped to arrange the sale to Duke Realty.