The I-78 Logistics Park in Phillipsburg and Lopatcong — Courtesy: CBRE
By Joshua Burd
Bridge Development Partners has acquired the rights to build nearly 4 million square feet of industrial space near Interstate 78, following its $43 million purchase of a sprawling development site in Warren County.
Brokers with CBRE announced the transaction Thursday after representing Opus Investments/KTV Inc., the seller of the 365-acre site known as the I-78 Logistics Park. Located at 942 Memorial Pkwy. in Phillipsburg — while also including a portion of neighboring Lopatcong — the master-planned property has approvals in place to build 3.8 million square feet of warehouse and distribution space.
Brian Fiumara, Michael Hines, Brad Ruppel and Lauren Dawicki of CBRE National Partners represented the seller.
“This property represents one of the largest concentrations of approved land in the coveted Lehigh Valley area of the Interstate 78/81 Corridor,” Fiumara said. “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 was home to an Ingersoll Rand plant that the company vacated more than 20 years ago. Other companies reportedly used the site until about 2015, leading Opus to purchase the property as a development opportunity.
The firm spent the next three years assembling the full site, razing old buildings and securing the approvals to build a massive logistics park. The property sits at the border of the Lehigh Valley and New Jersey, directly on Route 22 and within five miles of I-78.
CBRE noted that the submarket has sustained more than 14.5 million square feet of positive net absorption over the past 15 months.
