{"id":1004509543,"date":"2021-02-10T03:53:03","date_gmt":"2021-02-10T11:53:03","guid":{"rendered":"http:\/\/internal.cpexecutive.com\/?p=1004509543"},"modified":"2021-05-15T10:05:27","modified_gmt":"2021-05-15T18:05:27","slug":"bridge-development-bringing-358-ksf-warehouse-to-new-jersey","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/bridge-development-bringing-358-ksf-warehouse-to-new-jersey\/","title":{"rendered":"Bridge Development to Bring 358 KSF Warehouse to New Jersey"},"content":{"rendered":"
\"\"<\/a>

Bridge Development’s project at 675 Main St. Rendering courtesy of Bridge Development Partners<\/em><\/p><\/div>\n

Bridge Development Partners is transforming a site in Belleville, N.J., into a 358,586-square-foot Class A industrial facility. Construction began in January, with the Meadowlands project slated for completion in the third quarter of 2022.<\/p>\n

The developer is aiming to attract e-commerce and other warehouse distribution users to the facility. The property will offer 40-foot clear heights and 58 dock doors in a rear-load configuration, along with parking to accommodate 160 cars and 94 trucks.<\/p>\n

Bridge bought the 23.7-acre site last December, assisted by Jerry Putterman of Newmark. Located at 675 Main St., the plot faces State Route 21 and the Passaic River. Interstate 95 is within 4 miles, and downtown Manhattan is 12 miles to the east.<\/p>\n

The developer is currently building another industrial project with partner Link Logistics in Lyndhurst, N.J., a company representative told Commercial Property Executive. <\/em>In October, Bridge sold a four-property, 2.2 million-square-foot industrial portfolio in Phillipsburg<\/a>, N.J. to PGIM Real Estate. The newly delivered assets traded for a combined $275 million.<\/p>\n

Immune to COVID-19?<\/h2>\n

New Jersey’s industrial market has flourished during the pandemic, closing 2020 with record-setting net absorption as availability dropped to a historic low, according to a fourth-quarter report from CBRE. The Meadowlands submarket was a top performer in terms of new leasing activity for the quarter, with figures peaking at 772,000 square feet.<\/p>\n

CommercialEdge’s January national industrial report showed that New Jersey had nearly 6 million square feet underway at the end of December. This accounted for 1.7 percent of completed inventory, 1 full percentage point less than the figure at the national level. Combined with New Jersey’s low vacancy rate of 3.6 percent, this could indicate a need for more inventory in the market.<\/p>\n

The same CommercialEdge report indicated that nearly 230 million square feet delivered last year across the country’s major markets, a record high. At the same time, escalating demand for warehouse space pushed national rents to an average of $6.38 per square foot in December, a 4.8 percent year-over-year increase.<\/p>\n","protected":false},"excerpt":{"rendered":"

Construction is underway on the Class A industrial property within the high-growth Meadowlands submarket.<\/p>\n","protected":false},"author":739,"featured_media":1004517943,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21748,1600,21742,10],"tags":[34456,50999],"class_list":["post-1004509543","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-industrial","category-new-york","category-latest","category-northeast","tag-bridge-development-partners","tag-newmark"],"acf":[],"yoast_head":"\nBridge Development to Bring 358 KSF Warehouse to New Jersey - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/bridge-development-bringing-358-ksf-warehouse-to-new-jersey\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bridge Development to Bring 358 KSF Warehouse to New Jersey\" \/>\n<meta property=\"og:description\" content=\"Construction is underway on the Class A industrial property within the high-growth Meadowlands submarket.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/bridge-development-bringing-358-ksf-warehouse-to-new-jersey\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-02-10T11:53:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-15T18:05:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/SB-Broadway-Rendering-3-23-16.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1800\" \/>\n\t<meta property=\"og:image:height\" content=\"1013\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Beata Lorincz\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/bridge-development-bringing-358-ksf-warehouse-to-new-jersey\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/bridge-development-bringing-358-ksf-warehouse-to-new-jersey\/\",\"name\":\"Bridge Development to Bring 358 KSF Warehouse to New Jersey - 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