Landlords and developers are still reaping the rewards of New Jersey’s tight industrial market, where rents continue to rise well above average asking rates.
Bridge Development Partners has completed its acquisition of a nearly 7.5-acre parcel in Edison, where it plans to build a new 124,560-square foot industrial facility.
The unrelenting demand for industrial space has fueled new construction across the country — and New Jersey is home to what will be the largest project of the year.
A pair of top industrial developers offered a glimpse at two of New Jersey’s largest warehouse and logistics projects, detailing plans that would add nearly 7 million square feet across two coveted submarkets.
A lack of new supply in New Jersey’s industrial market led to a year-end slowdown in leasing — despite high demand — setting up another year of robust activity for newly built warehouse and logistics space.
Bridge Development Partners has broken ground on its largest project in New Jersey to date — a 4 million-square-foot logistics park spanning Phillipsburg and Lopatcong along Route 22.
In the brownfield redevelopment universe, industrial projects have no equal thanks to the compound-complex nature of these mega-efforts, which are marked by X factors and uncertainty at every turn. Think of a conductor tasked with guiding a multi-chair symphony orchestra through intricate movements of a complex score — compared to a more simplistic coordination helming a small chamber ensemble. There’s a compelling difference, and thus welcome to the world of the industrial brownfield redevelopment, where multiple stakeholders are tasked with a multitude of boxes to check before any ribbon cutting can commence.
Bridge Development Partners’ highly successful team in New Jersey is heading to Brooklyn, as part of a joint venture that is buying a site with plans to build more than 1.5 million square feet of new industrial space.