{"id":1004129924,"date":"2015-10-22T06:29:58","date_gmt":"2015-10-22T14:29:58","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004129924"},"modified":"2020-05-18T21:13:06","modified_gmt":"2020-05-19T05:13:06","slug":"bridge-buys-enormous-logistics-center-in-nj","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/bridge-buys-enormous-logistics-center-in-nj\/","title":{"rendered":"Bridge Buys Enormous Logistics Center in NJ"},"content":{"rendered":"<p><em>By Keith Loria, Contributing Editor<\/em><\/p>\n<p><a href=\"https:\/\/bridgedev.com\/\" rel=\"nofollow\" target=\"_blank\">Bridge Development Partners<\/a> has acquired ePort Logistics Center, a103-acre site in Perth Amboy, N.J., from a joint venture between an affiliate of The Goldman Sachs Group Inc. and Viridian Partners.<\/p>\n<p>CBRE Group Inc. arranged the sale.<a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/10\/EPORT.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004129928\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/bridge-buys-enormous-logistics-center-in-nj\/eport\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/10\/EPORT.jpg\" data-orig-size=\"1280,853\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;8&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;Canon EOS-1Ds Mark III&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1298984913&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;25&quot;,&quot;iso&quot;:&quot;400&quot;,&quot;shutter_speed&quot;:&quot;0.0008&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"EPORT\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/10\/EPORT.jpg?w=1024\" class=\"alignright size-medium wp-image-1004129928\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/10\/EPORT.jpg\" alt=\"ePort\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/10\/EPORT.jpg 1280w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/10\/EPORT.jpg?resize=300,200 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/10\/EPORT.jpg?resize=768,512 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/10\/EPORT.jpg?resize=1024,682 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>Bridge Development Partners will use the site to develop 1.3 million square feet of speculative Class A warehouse and distribution space. Plans are to build three buildings located at 980 High St., 1000 High St. and 960 High St., comprised of 718,200 square feet, 354,250 sq. ft. and 220,200 sq. ft., respectively.<\/p>\n<p>\u201cWe are excited to have the opportunity to acquire such a large tract of land in one of the busiest markets in the country,\u201d Jeff Milanaik, Bridge Development Partners\u2019 principal, said in a prepared statement. \u201cThe ability to construct 1.3 million square feet of distribution space on one property in such a mature market as New Jersey doesn\u2019t come along every day. The project when complete will enable companies located in the park almost instantaneous access to the largest consumer market in the United States.\u201d<\/p>\n<p>Bridge will commence construction immediately and deliver the buildings in 2016.<\/p>\n<p>All three buildings will feature clear heights of 36 feet, ample loading doors and trailer parking.<\/p>\n<p>ePort Logistics Center is located in New Jersey\u2019s Port Industrial submarket. The site provides quick access to Route 440, connecting Perth Amboy to the New Jersey Turnpike, the Garden State Parkway and the Staten Island Expressway.<\/p>\n<p>A recent industrial report by CBRE notes that New Jersey currently ranks as the third largest industrial market in the United States by square footage, with consistent demand due to its vast logistical infrastructure network of interstate highways, deep-water cargo ports, air freight and rail capabilities.<\/p>\n<p>The report shows that Class A industrial space currently represents only 7.6 percent of the total supply of product in the state, with a 3 percent vacancy rate inclusive of properties that are under construction.<\/p>\n<p>\u201cNew Jersey currently has an extremely limited supply of land available to develop Class A industrial product,\u201d Thomas Monahan, CBRE\u2019s senior vice president, said in the statement. \u201cePort Logistics Center offered the buyer a unique, compelling opportunity to acquire fully remediated and entitled land in the state for a project of this substantial size.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Chicago-based developer has big plans for the Garden State\u2019s powerful industrial market.<\/p>\n","protected":false},"author":451,"featured_media":1004129928,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21748,21783,11,21742,10],"tags":[],"class_list":["post-1004129924","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-industrial","category-investment","category-midatlantic","category-latest","category-northeast"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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