525 West Linden Ave. in Linden — Courtesy: The Blau & Berg Co.
(Editor’s note: This story was updated Monday, Aug. 21, with additional information from The Blau & Berg Co., which brokered the sale of 525 West Linden Ave.)
By Joshua Burd
Bridge Industrial has made another deal under its growing acquisition platform, adding a 115,000-square-foot service facility in Linden.
According to the firm, the property at 525 West Linden Ave. 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. It now plans to make a series of improvements to the building and the parking lot, which sit on a 9.2-acre site, as it prepares to market the building to new users.
“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, Bridge’s Northeast region partner. “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 Blau & Berg Co. Senior Executive Director Christian Walsifer and Executive Director David Thomas represented both parties.
“Bridge Industrial was aggressive when we presented this rare acquisition opportunity and immediately recognized the value of this location,” Walsifer said. “There are often stringent zoning restrictions and municipal pushbacks when developing low-building coverage sites with a large outdoor storage component. So, when a site with these specifications becomes available, the interest is overwhelming. Bridge is planning many capital improvements to this property which will make it even more attractive for tenants seeking leasing opportunities in this high-demand specialized market.”
Bridge announced the deal in late June while noting that the facility, which was built in 1949, has 19-foot clear ceiling 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. The firm also pointed to its four access points and its location at the intersection of West Linden Avenue and South Stiles Street, which provides easy access to Route 1&9, the New Jersey Turnpike and Interstate 278.
Tenants are also minutes from Port Newark-Elizabeth and Newark Liberty International Airport.
“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 for Bridge’s Northeast region. “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.”
The deal follows Bridge’s first value-add industrial deal in the state, in April, when it acquired a 152,000-square-foot facility in Franklin Township. It says it remains focused on acquiring existing industrial buildings and development sites for the future construction of modern facilities within supply-constrained core infill submarkets.
