UNION, NJ—A fund managed by JP Morgan has acquired Bridge Point Port West, a class A industrial building totaling 263,415 square feet at 750 Union Avenue in Union, NJ, from Bridge Development Partners.
Brian Fiumara, Michael Hines and Brad Ruppel of CBRE National Partners represented Bridge in the transaction. Nick Firth led the JP Morgan team.
“Our first development since we opened a New Jersey office has proven to be a great success,” says Bridge principal Jeff Milanaik. “No other modern industrial space exists in the immediate area, so the location was highly desired by tenants and investors. The sales price, in excess of $176 per square foot, was well above typical prices for industrial buildings in that market.”
Located directly in the northwest quadrant of the interchange of I-78 and Garden State Parkway, Bridge Point Port West offers excellent highway visibility, toll-free access and proximity to Port Newark (7.5 miles) and Newark Liberty International Airport (6 miles). Completed in 2015, the building features 36' foot clear ceiling heights, 55-foot column spacing, 50 loading doors ESFR sprinkler systems, T-5 lighting, and on-site parking for 150 trailers.
Bridge acquired the site in 2014 and completed the building in late 2015. It is fully leased to Boxed.com and Union Beverage Packer.
UNION, NJ—A fund managed by
Brian Fiumara, Michael Hines and Brad Ruppel of CBRE National Partners represented Bridge in the transaction. Nick Firth led the
“Our first development since we opened a New Jersey office has proven to be a great success,” says Bridge principal Jeff Milanaik. “No other modern industrial space exists in the immediate area, so the location was highly desired by tenants and investors. The sales price, in excess of $176 per square foot, was well above typical prices for industrial buildings in that market.”
Located directly in the northwest quadrant of the interchange of I-78 and Garden State Parkway, Bridge Point Port West offers excellent highway visibility, toll-free access and proximity to Port Newark (7.5 miles) and Newark Liberty International Airport (6 miles). Completed in 2015, the building features 36' foot clear ceiling heights, 55-foot column spacing, 50 loading doors ESFR sprinkler systems, T-5 lighting, and on-site parking for 150 trailers.
Bridge acquired the site in 2014 and completed the building in late 2015. It is fully leased to Boxed.com and Union Beverage Packer.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
