1-5 Plant Road in Hasbrouck Heights and Teterboro — Courtesy: Leo Josephs & Co. Inc.
By Joshua Burd
Bridge Logistics Properties has added to its New Jersey portfolio with its purchase of a 202,000-square-foot warehouse in Bergen County, in a deal arranged by Leo Josephs & Co. Inc.
The firms said the property, which spans 1-5 Plant Road in Hasbrouck Heights and Teterboro, includes the existing warehouse and a separate half-acre parking lot. BLP, a subsidiary of Bridge Investment Group Holdings Inc., acquired the asset from an undisclosed seller.
Leo Josephs and Joshua Meisner of Leo Josephs & Co. sourced the transaction on an off-market basis. Terms were not disclosed.
“We’re excited to add 1-5 Plant Road to our Meadowlands portfolio,” said Will Gilkeson, a BLP vice president. “This was a rare opportunity to acquire a functional property of scale in one of the most sought-after industrial markets of the country.”
BLP and Leo Josephs noted that the site’s location provides immediate access to the most densely populated areas of northern New Jersey and New York City, thanks to the region’s vast highway network, and to Newark Liberty International Airport and Port Newark-Elizabeth.
“Our longstanding relationship with the principals of BLP and the tremendous cooperation between buyer and seller allowed this transaction to occur,” said Leo Josephs, president of Leo Josephs & Co. “Considering that the capital markets are severely constrained, this transaction is no mean feat.”