Leading industrial real estate operating company and investment manager buys site with five acres of parking, outdoor storage capabilities in Linden
Parsippany, N.J. (June 21, 2023) – Bridge Industrial (“Bridge”), a privately-owned, vertically integrated real estate operating company and investment manager, announced today the acquisition of 525 West Linden Avenue — a 115,000-square-foot industrial service facility (“ISF”) located in Linden, New Jersey.
Bridge acquired the property, originally built in 1949, from a private seller. The property was fully occupied by a truck dealership at the time of the sale and has been used historically as a trucking repair and maintenance facility.
The Blau & Berg Company represented both Bridge and the seller in the transaction.
“The City of Linden has always held a business-forward philosophy, due to its premier location near the major ports, airports, and the Turnpike, and we are grateful for its partnership in our acquisition,” said Jeff Milanaik, Partner, Northeast Region, at Bridge. “Demand in this region only continues to grow and the site’s current use promises to draw a strong tenant that will boost the region’s economy and continue positioning it as a destination for trucking, heavy equipment, and bulk material users.”
The property sits on a 9.2-acre site and features 19-foot clear heights; 19 grade-level drive-in doors; one dock high loading position; five acres of excess parking; and roughly 7,500 square feet of dedicated office space for incoming tenants. Bridge plans on executing a number of capital improvements to the building and the parking lot. The facility will be available for full occupancy in Q4 of 2024.
Situated at the intersection of West Linden Avenue and South Stiles Street, the property boasts four access points and easy access to US Highway routes 1 and 9, I-95, and I-278 — supporting seamless inbound and outbound flow for prospective tenants. The facility’s central location also benefits from its close proximity to the New Jersey ports, Newark Airport, and the New York City metropolitan area.
“This facility’s combination of ample parking and functional warehouse space uniquely positions it to serve a range of tenants operating in Northern New Jersey,” said Stefan Sansone, Director of Acquisitions, Northeast Region, at Bridge. “In a land constrained market with increasing demand for outdoor storage, this facility presents a rare opportunity to acquire an operational maintenance facility with significant yard area in New Jersey’s strongest submarket.”
Bridge continues to expand its presence across New Jersey and in late April acquired its first value-add industrial property in the state — a 152,000-square-foot facility in Franklin Township. Having acquired over 2.7 million square feet of Class A industrial space in the market in the past year, Bridge continues to pursue the acquisition of existing industrial buildings and development sites for the future construction of state-of-the-art industrial facilities within supply-constrained core infill submarkets.