After Blockbuster Industrial Sale, Bridge Details What Comes Next in N.J.


December 21, 2017


Jeff Milanaik, regional partner for Bridge Development Partners

It was a year to remember, but Bridge Development Partners is already focused on the future.

After the sale of more than 3 million square feet of industrial space in New Jersey — part of a three-state, $700 million deal announced earlier this fall — the firm is well on its way toward refilling its pipeline in the Garden State. Jeff Milanaik, regional partner for Bridge, said the firm is under contract for a series of sites in northern and central New Jersey that could pave the way for another 6 million square feet of development activity.

In other words, the firm still sees plenty of opportunity in the Garden State.

“If I had a crystal ball, I probably wouldn’t be sitting here,” Milanaik joked. “But you use instinct and you surround yourself with really bright people — and you listen and learn. “And it’s convinced us to double down right now.”

The privately held, Chicago-based firm entered New Jersey only three years ago. But it quickly amassed a pipeline of well-located development sites that could tap into the demand for last-mile distribution space, largely by taking on parcels that had complex environmental and engineering challenges.

That strategy paid off in a big way earlier this year. In late September, Bridge closed on the first of three phases of a blockbuster deal with Duke Realty Corp., an Indianapolis-based REIT, which agreed to acquire roughly 4.28 million square feet that the firm had completed or had under construction in New Jersey, Southern California and South Florida.

Read the full story