CBRE announced that it has successfully negotiated the $43-million sale of the I-78 Logistics Park, a 365-acre, master-planned development located along the Interstate 78/81 corridor in Lopatcong and Phillipsburg.
Brian Fiumara, Michael Hines, Brad Ruppel and Lauren Dawicki of CBRE National Partners negotiated on behalf of the seller, Opus Investments / KTV, Inc. The property was purchased by Bridge Development Partners.
The I-78 Logistics Park — situated at 942 Memorial Parkway — has approvals in place to construct 3.8-million square feet of warehouse/distribution space.
“This property represents one of the largest concentrations of approved land in the coveted Lehigh Valley area of the Interstate 78/81 Corridor,” said Fiumara. “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 strategically positioned at the border of the Lehigh Valley and New Jersey, directly on Route 22 and within five miles of Interstate 78. It benefits from multi-directional highway access, a deep and affordable labor pool, and low occupancy costs. The submarket has sustained more than 14.5 million square feet of positive net absorption over the past 15 months.Related Articles: