Bridge Development Partners announced Thursday that it has sold Phase I of Bridge Point 78 in Phillipsburg to PGIM Real Estate for $275 million.
The development, consisting of four newly constructed industrial warehouses totaling roughly 2.2 million square feet, was recently honored with NAIOP New Jersey’s “Industrial Deal of the Year” award for 2020.
Completed in 2019, Bridge Point 78’s Phase I represents part of the larger industrial campus totaling 3.85 million square feet across six state-of-the-art industrial facilities, located at the home of a former Ingersoll-Rand facility.
Bridge secured Uniqlo as Bridge Point 78’s anchor tenant in October 2019, when the Japanese clothing manufacturer and retailer signed a lease for 975,761 square feet at Phase I’s largest building — marking Bridge’s largest lease to date across its five-market national portfolio.
In April 2020, leading beverage distributor Mark Anthony Brands also signed a lease, for 419,460 square feet.
Jeff Milanaik, partner of Bridge’s Northeast Region, saluted the sale.
“Bridge Point 78 Phase I has been a successful project that has had a tremendous impact on the communities of both Phillipsburg and Lopatcong, and helped establish this rural area of New Jersey as a new hub for warehousing and distribution,” he said. “We already have an outstanding relationship with PGIM Real Estate and are certain that this property is poised for continued success in their hands.
“In the meantime, we will continue our work transforming New Jersey’s infill and brownfield sites into state-of-the-art industrial facilities — creating developments that draw even more successful tenants that can fuel wider economic growth for the region.”
Brian Fiumara with CBRE National Partners represented Bridge in the transaction.
Bridge Point 78 Phase I’s four buildings range in size from 175,055 square feet to 975,761 square feet. It includes a variety of desirable, modern features across the multiple buildings, including clear ceiling heights ranging from 36 to 40 feet; both single and cross-docked loading configurations; as well as an abundance of loading docks and ample trailer and car parking.
Bridge is proceeding with work on Phase II of Bridge Point 78, which was not included in the sale. The second phase of the development is planned to encompass roughly 1.67 million square feet across two state-of-the-art buildings.