LOPATCONG TOWNSHIP, NJ—Bridge Development Partners has acquired the I-78 Logistics Park, a 365-acre, master-planned development located along the Interstate 78/81 corridor in Lopatcong and Phillipsburg, NJ, from Opus Investments/KTV for $43 million.
CBRE's Brian Fiumara, Michael Hines, Brad Ruppel and Lauren Dawicki negotiated on behalf of the seller.
The I-78 Logistics Park, at 942 Memorial Parkway, has approvals in place to construct 3.8-million square feet of warehouse/distribution space.
“This property represents one of the largest concentrations of approved land in the coveted Lehigh Valley area of the Interstate 78/81 Corridor,” says Fiumara. “With the strong tenant demand and limited availability of class A logistics space in the market, there was tremendous investor demand for this site and we were able to identify an ideal buyer that recognized the park's long-term value.”
The property is strategically positioned at the border of the Lehigh Valley and New Jersey, directly on Route 22 and within five miles of Interstate 78. It benefits from multi-directional highway access, a deep and affordable labor pool, and low occupancy costs. The submarket has sustained more than 14.5 million square feet of positive net absorption over the past 15 months.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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].
