568 Central Ave. in Bridgewater — Courtesy: Bussel Realty Corp.
By Joshua Burd
An affiliate of a national tanker truck company has acquired a 220,000-square-foot industrial complex in Bridgewater for $37 million, according to a team with Bussel Realty Corp.
Brokers with the firm represented both parties in the deal between Central Avenue Corp. and 568 Central Avenue LLC, the listed buyer of 568 Central Ave. In announcing the sale, the team noted that the five-building property sits on 24 acres and has seven railroad slips, making it a distinctive opportunity that “secured multiple aggressive offers from very niched buyer profiles.”
BRC’s Anthony Rittwager, Matthew Phillips and Jordan Metz completed the assignment with the help of what they described as an artificial intelligence platform.
“While complexities certainly surfaced, our specialty of viewing challenging situations in novel ways ensured great success for all stakeholders,” Rittwager said. “It was a sincere pleasure representing both buyer and seller in this transaction, which ultimately maximized the seller’s return and marks a major tactical location for Dana Transport Inc.’s liquid bulk distribution network of over 60 locations throughout North America. This transaction further substantiates our bullish outlook on Somerset’s industrial market.”
Located less than a mile south of Union Avenue, 568 Central Ave. is minutes from routes 22, 202 and 206 and Interstate 287. BRC said the complex has a large active rail infrastructure capable of roughly 135 rail carts, eight parking areas, 12 overhead cranes, heavy power and transformers on site.
