3301 and 3351 Tremley Point Road in Linden — Courtesy: Bridge Logistics Properties
By Joshua Burd
An investment manager has purchased a two-building, 170,000-square-foot industrial portfolio in Linden, completing the latest acquisition by its growing Northeast office.
The buyer, Bridge Logistics Properties, said the properties at 3301 and 3351 Tremley Point Road include a second-generation, Class A facility with 36-foot clear heights and some cold storage space, while the latter is a Class B warehouse with a large number of dock-high and grade-level doors. The properties share a combined 14.65 acres with a large excess land component.
Leo Josephs and Joshua Meisner of Leo Josephs & Co. Inc. brokered the off-market deal with a private seller. They did not disclose the terms of the sale, but CoStar reported that the properties traded for $89.5 million.
“We are excited to add this infill New Jersey asset to our growing portfolio of coastal gateway assets across the United States,” said Will Gilkeson, a Northeast investment officer with BLP. who is based in the firm’s East Rutherford office. “This is truly a unique property due to the functionality of the existing warehouses and sheer amount of excess yard — 3.2 acres — so close to the port.”
BLP, a subsidiary of the publicly traded Bridge Investment Group Holdings Inc., was established in June 2021. Its Northeast office has since acquired six properties and one development site in New Jersey, the firm said, with more asset agreements in the pipeline.
“It was a pleasure to assist BLP in acquiring such a desirable property,” said Josephs, president of Leo Josephs & Co., citing its proximity to the ports, outside storage and trailer parking and “tremendous rental upside” in an infill market such as northern New Jersey. “Our longstanding relationship with the principals of BLP and tremendous cooperation between buyer and seller allowed this transaction to occur in a market that requires purchasers to move expeditiously.”