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.
CBRE has recognized a well-known New Jersey broker as one of its top producers, naming him the firm’s first-ever vice chairman in the Garden State.
Bridge Development Partners is planning a three-building, 1.7 million-square-foot industrial complex in Somerset County after acquiring parcels from two separate sellers, part of an effort to refill its pipeline in New Jersey after a blockbuster portfolio sale last year.