April 25, 2023
TypeDeal, Press Release
LocationNew Jersey/New York
Leading real estate operating company and investment manager acquires new construction industrial facility in the Somerset submarket
Parsippany, N.J. (April 25, 2023) – Bridge Industrial (“Bridge”), a privately-owned, vertically integrated real estate operating company and investment manager, announced today the acquisition of 230 Belmont Drive — a 152,175-square-foot, newly constructed Class A industrial property located in Somerset, New Jersey.
Bridge Industrial acquired the turnkey facility as part of the firm’s value-add strategy, which targets existing properties across Bridge’s core U.S. markets. The newly constructed property was move-in ready upon acquisition, complete with built-out office space and bathrooms. Amidst the sale negotiations, Bridge simultaneously secured a tenant in a large packaging company, which will begin its occupancy of the space immediately.
Charles Fern of Cushman Wakefield represented the tenant in the lease transaction.
“This transaction marks Bridge’s first value-add acquisition both in New Jersey and the Northeast region,” said Jeff Milanaik, Partner, Northeast Region, at Bridge. “We have a longstanding presence in the Somerset submarket, and we’re pleased to continue to meet the demands of corporate tenants in such a coveted region.”
The state-of-the-art facility at 230 Belmont sits on a 22-acre site and features 36-foot clear heights; 28 loading docks; 2 drive-in doors; an ESFR sprinkler system; and parking for approximately 108 cars; as well as roughly 2,500 square feet of dedicated office space for the incoming tenant.
Located in New Jersey’s desirable Somerset submarket, the property is located just two miles from I-287’s Exit 10 and less than 13 miles from I-95 — providing excellent proximity to Newark Airport, Port Newark-Elizabeth Marine Terminal, the Port Jersey Marine Terminal, and New York City.
“The demand for world-class distribution and logistics facilities in the Somerset area has remained high, and Bridge already owns approximately 1.2 million square feet in this submarket,” said Stefan Sansone, Director of Acquisitions, Northeast Region, at Bridge. “The timing of our acquisition and the ability to meet the demands of a cutting-edge packaging and supply chain company fall directly in line with Bridge’s core strategies.”
Bridge initially launched and completed its first acquisition under its value-add strategy in December 2021, with the purchase of Pompano Beach Commerce Park — a three-building, 336,852-square-foot industrial campus in Pompano Beach, Florida.
Bridge continues to expand its presence across New Jersey. Having acquired over 2.4 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, sites, and the development of industrial facilities within supply-constrained core infill submarkets.