The site, which has been approved for 3.8 million square feet of distribution space, was purchased by Bridge Development for $43 million.
Brian Fiumara, Michael Hines, Brad Ruppel and Lauren Dawicki of CBRE National Partners negotiated on behalf of Opus Investments.
“This property represents one of the largest concentrations of approved land in the coveted Lehigh Valley area of the Interstate 78/81 Corridor,” Fiumara said in a news release. “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 directly on US Route 22 and within five miles of I-78.
In the last 15 months, the Phillipsburg I-78 submarket has seen more than 14.5 million square feet of positive net absorption.