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.”
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