3 and 5 Finderne Ave. in Bridgewater — Courtesy: Cushman & Wakefield
By Joshua Burd
A real estate investment firm has sold a two-building, 204,000-square-foot industrial portfolio in Bridgewater, in a newly announced transaction by Cushman & Wakefield.
The brokerage team said the seller, Camber Real Estate Partners, completed the deal at 3 and 5 Finderne Ave. after investing $1.8 million in capital improvements over the last nine months. The buyer, High Street Logistics Properties, purchased the properties for an undisclosed price.
“These buildings offer highly functional space with significant upside from below-market rents and the continued record amount of leasing velocity along the I-287 corridor,” said C&W’s Gabriel, who represented the seller alongside David Bernhaut, Kyle Schmidt and Seth Zuidema.
Located at the intersection of Interstate 287 and Route 22, the buildings are fully leased to two tenants, according to a news release. Brokers noted that the structures have cross-dock loading with 36 loading positions and 23-foot clear ceiling heights.
Recent upgrades include new roofs at both buildings in addition to improved loading areas, LED lighting and office renovations at 5 Finderne Ave.