599 Gotham Parkway in Carlstadt — Courtesy: Cushman & Wakefield
By Joshua Burd
Kurv Industrial has expanded its holdings in the Meadowlands with its purchase of a four-building portfolio comprising more than 256,000 square feet of warehouse space.
The firm, formerly known as Bridge Industrial, paid an undisclosed price for properties in a deal arranged by Cushman & Wakefield. It now plans to update the buildings — which include 194 and 320 Veterans Blvd. and 599 Gotham Parkway in Carlstadt and 25 East Union Ave. in East Rutherford — seeking to enhance functionality and upgrade vacant spaces to deliver modern, energy-efficient units for users seeking logistics hubs under 100,00 square feet.
Cushman’s Gary Gabriel, Kyle Schmidt, Ryan Larkin and Seth Zuidema represented the seller, JP Morgan Asset Management, and procured the buyer. Members of the firm’s debt and structured finance group — including John Alascio, Chuck Kohaut and TJ Sullivan — sourced $48.3 million in financing from CIBC on Kurv Industrial’s behalf.
“Investing in the Meadowlands portfolio reflects a strategic and disciplined approach to acquiring value-add properties and repositioning well-located assets to align with evolving tenant demand,” said Stefan Sansone, Kurv Industrial’s senior vice president for investments in the Northeast. “By thoughtfully repositioning each building to meet a range of user needs, we are enhancing functionality, strengthening market relevance and driving durable growth in a supply-constrained, highly competitive landscape.”
The newly minted Kurv Meadowlands portfolio, which totals 256,381 square feet across four undisclosed addresses, sits in one of the country’s most active and sought-after infill logistics markets, the privately held firm said in a news release. The buildings offer flexible warehouse configurations with limited office buildout and clear heights between 16 and 27 feet, while users have easy access to Port Newark-Elizabeth, Newark Liberty International Airport and Hudson River crossings to allow for seamless port-driven and last-mile logistics.
“This value-add portfolio presents a rare combination of current income and lease-up potential in a high-barrier-to-entry infill market with exceptional access to labor and consumers across the NYC MSA” said Schmidt, a vice chairman at Cushman.
Kohaut, an executive director with the firm, added: “Kurv Meadowlands’ infill location, functionality and top-tier sponsorship drove a highly competitive capital markets execution. We’re grateful for the opportunity to represent Kurv Industrial on this exciting acquisition.”
