Bridge Development Partners announced today its purchase of ePort Logistics Center in Perth Amboy. As a developer of investment-grade buildings and business parks, the company acquired the 103-acre site for the purpose of developing 1.3 million square feet of speculative Class A warehouse and distribution space. The industrial park will feature three buildings located at 980 High Street, 1000 High St. and 960 High St., comprised of 718,200 square feet, 354,250 sq. ft. and 220,200 sq. ft., respectively. Bridge will commence construction immediately and deliver the buildings in 2016.
Each building on the site will feature clear heights of 36 feet as well as ample loading doors and trailer parking. The site provides immediate access to Route 440, connecting Perth Amboy to the New Jersey Turnpike, the Garden State Parkway and the Staten Island Expressway.
“We are excited to have the opportunity to acquire such a large tract of land in one of the busiest markets in the country. The ability to construct 1.3 million square feet of distribution space on one property in such a mature market as New Jersey doesn’t come along every day. The project, when complete, will enable companies located in the park almost instantaneous access to the largest consumer market in the United States,” said Jeff Milanaik, Principal at Bridge Development Partners.
ePort Logistics Center is strategically located in New Jersey’s Port Industrial submarket – a premier gateway industrial market in the United States – and provides unparalleled access to one of the world’s most concentrated and affluent consumer bases. New Jersey ranks as the third largest industrial market in the United States by square footage, with consistent demand due to its vast logistical infrastructure network of interstate highways, deep-water cargo ports, air freight and rail capabilities.
“New Jersey currently has an extremely limited supply of land available to develop Class A industrial product,” said Thomas Monahan, senior vice president, CBRE. “ePort Logistics Center offered the buyer a unique, compelling opportunity to acquire fully remediated and entitled land in the state for a project of this substantial size.”
Class A industrial space currently represents only 7.6 percent of the total supply of product in New Jersey, with a 3 percent vacancy rate inclusive of properties that are under construction. Additionally, the entire development pipeline for New Jersey amounts to only 30 million sq. ft.
CBRE Group Inc. arranged the sale of ePort Logistics Center with Michael Hines, Brian Fiumara and Brad Ruppel, of CBRE National Partners, and Mr. Monahan and Noah Balanoff, of CBRE’s New Jersey office. The CBRE team exclusively represented the development site’s former ownership in the transaction. CBRE’s Messrs. Monahan and Balanoff will be the leasing agents for the projectRelated Articles: