CBRE announced it has negotiated the $43 million sale of the I-78 Logistics Park, a 365-acre development located along Interstate 78/81 corridor in Lopatcong and Phillipsburg.
Brian Fiumara, Michael Hines, Brad Ruppel and Lauren Dawicki of CBRE National Partners negotiated the sale on behalf of Opus Investments/KTV Inc. Bridge Development Partners purchased the property.
The property, located at 942 Memorial Parkway, currently has approvals in place to construct 3.8 million square feet of warehouse and distribution space.
“This property represents one of the largest concentrations of approved land in the coveted Lehigh Valley area of the Interstate 78/81 corridor,” said Fiumara. “With the strong tenant demand and limited availability of Class A logistics space in the market, there was tremendous investor demand for this site and we were able to identify an ideal buyer that recognized the park’s long-term value.”