Jeff Milanaik speaks at a recent groundbreaking for one of Bridge Development Partners’ projects in Carteret. — Courtesy: Premier Group/Scott Roth
By Joshua Burd
Bridge Development Partners LLC has sold its newly developed industrial building in Union for $46.5 million, reaping the success of its first project in New Jersey after entering the market in 2014.
The firm announced Monday that it had sold Bridge Point Port West, a 263,415-square-foot building at 750 Union Ave., to a fund managed by J.P. Morgan. The property, which is fully leased to Boxed.com and Union Beverage Packer, was completed in late 2015.
Brian Fiumara, Michael Hines and Brad Ruppel of CBRE National Partners represented Bridge in the transaction, according to a news release. Nick Firth led the J.P. Morgan team.
“Our first development since we opened a New Jersey office has proven to be a great success,” said Bridge Principal Jeff Milanaik. “No other modern industrial space exists in the immediate area, so the location was highly desired by tenants and investors.
“The sales price, in excess of $176 per square foot, was well above typical prices for industrial buildings in that market.”
Bridge Point Port West sits at the intersection of Interstate 78 and the Garden State Parkway, a location that caught the eye of Bridge when it opened a New Jersey office in September 2014. The site is the former home of a well-known Tuscan Dairy complex, which the Chicago-based firm demolished and remediated before building the new industrial space.
Barely seven miles from Port Newark-Elizabeth and Newark Liberty International Airport, the building was completed in 2015. It features 36-foot clear ceiling heights, 55-foot column spacing, 50 loading doors, modern sprinkler systems and lighting and on-site parking for 150 trailers.
Bridge’s New Jersey office, located in Parsippany, is led by Milanaik and fellow Principal John Porcek.