Middlebrook Crossroads in Bridgewater — Courtesy: Lovett Industrial
By Joshua Burd
An investment group led by a Houston-based firm has acquired an 18-building industrial park in Bridgewater, adding more than 580,000 square feet to its portfolio in the region.
The company, Lovett Industrial, said the Middlebrook Crossroads property sits at the southwest corner of Chimney Rock Road between Route 22 and Interstate 287. Home to 28 tenants such as UPS, Lexus and SCP Distributors, the property has been nearly fully occupied for years and has an average building size of around 32,000 square feet.
Cushman & Wakefield’s Gary Gabriel, Kyle Schmitt, David Bernhaut and Ryan Larkin brokered the transaction, the terms of which were not disclosed. Terreno Realty Corp. sold the property for $110.4 million, the company announced separately, in a deal that comes nearly 12 years after it purchased the site for roughly $27 million
“We’re thrilled for this acquisition to lead off our latest investment program focused on core acquisitions of assets providing stable cash flow and rent growth potential,” said Michael Allen, senior managing director of Lovett Industrial’s east region. “The Middlebrook portfolio represents an opportunity to acquire a unique industrial asset at a significant discount to replacement cost with material rental rate upside in one of the most sought-after submarkets in the United States. We will continue to target more opportunities in this region that exhibit similar qualities.”
Lovett noted that the 38.6-acre, 580,277-square-foot complex marks its third investment in the Northeast since opening an East Coast office in August 2020. It’s also the company’s first stabilized property acquisition in the region, providing a foothold in the fast-growing I-287 submarket.
Tenants at Middlebrook have easy access to Interstate 78, routes 202/206 and 28 and other highways, along with 1.2 million consumers within 15 miles and more than 8 million within an hour’s drive.