Facebook Twitter LinkedIn Google Plus RSS

Bridge Development completes purchase in Phillipsburg

By ,

Brokerage firm CBRE announced Bridge Development Partners, and Opus Investments and KTV Inc., have traded a 365-acre development along the I-81, I-78 corridor.

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.

More From This Industry

Mario Marroquin

Mario Marroquin

Mario Marroquin covers real estate. A native of El Salvador, Mario is bilingual in English and Spanish. He graduated from Penn State University and worked in Pennsylvania before moving to New Jersey. His email is mariom@njbiz.com.

Leave a Comment


Please note: All comments will be reviewed and may take up to 24 hours to appear on the site.

Post Comment
View Comment Policy