Warehouse and distribution space in New Jersey has become a prized asset class among institutions and other major investors, leading to increased competition, surging prices and more creativity by those looking to add industrial to their portfolio.
Big box leases continued to drive New Jersey’s industrial market to start the year, keeping a lid on vacancy as speculative construction carries on throughout the region.
Bridge Development Partners LLC has sold its newly developed industrial building in Union for $46.5 million, reaping the success of its first project in New Jersey after entering the market in 2014.
Development might be booming in New Jersey’s red hot industrial market, but it’s a small group of institutional players that have seized the opportunity in the biggest way.
Bridge Development Partners is building a new 206,500-square-foot distribution center project in Carteret, a property that will bring new life to a 10-acre former brownfield site just off the New Jersey Turnpike.