230 Belmont Drive in Somerset — Courtesy: Bridge Industrial
By Joshua Burd
Bridge Industrial has completed its first deal in New Jersey under a recently launched value-add platform, acquiring more than 150,000 square feet of newly built space in Franklin Township.
The privately held developer said it purchased the move-in-ready property in the town’s Somerset section, at 230 Belmont Drive, from an undisclosed seller. That allowed it to simultaneously secure a tenant during the sale negotiations, noting that a large packaging company will take occupancy immediately.
Charles Fern of Cushman & Wakefield represented the tenant in the lease. Terms of the deals were not disclosed.
“This transaction marks Bridge’s first value-add acquisition both in New Jersey and the Northeast region,” said Jeff Milanaik, the firm’s Northeast region partner. “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.”
Located on 22 acres, 230 Belmont has 36-foot clear ceiling heights, 28 loading docks and two drive-in doors. The 152,175-square-foot structure also has modern sprinklers and parking for some 108 cars, along with about 2,500 square feet of dedicated office space that had been completed at the time of the deal and ready for the incoming tenant.
Bridge added that the property is just two miles from Exit 10 on Interstate 287 and less than 13 miles from the New Jersey Turnpike, providing easy access to Newark Liberty International Airport, Port Newark-Elizabeth 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 for Bridge’s Northeast office. “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, the news release said. It also continues to expand in New Jersey, having acquired more than 2.4 million square feet of Class A industrial space in the market in the past year as it continues to pursue existing facilities and development sites.