A Brookfield Asset Management-backed fund acquired a 19-acre industrial development site from Stalwart Ridgefield LLC, according to a transaction announced Tuesday by CBRE.
Located in northern New Jersey’s Route 46 corridor, one of the most sought-after last-mile industrial areas in the region, the site’s development plan is to construct a new, state-of-the art industrial warehouse facility to help meet the demand that the New Jersey and New York metropolitan areas are currently experiencing.
The CBRE Investment Properties team of Elli Klapper, Jeremy Wernick and Charles Berger, along with CBRE’s Kevin Dudley and Nicholas Klacik, facilitated the transaction and the site will be developed by Brookfield Properties, for Brookfield Asset Management.
“Demand for quality industrial space in New Jersey has reached record levels, while the supply has dwindled to below 2% as of Q3 2021,” Klapper said.
“The Ridgefield site presents an incredible opportunity for Brookfield Properties, one of the premier real estate developers in the world, to create a LEED Certified distribution facility designed specifically to meet this insatiable demand,” Dudley said.
“Working together with CBRE on this deal showcased the best our firms have to offer,” stated Tyler Mordas of Brookfield Properties. “We now have ten separate land parcels in the New Jersey and New York region and anticipate over three million square feet of logistics deliveries. CBRE’s valued guidance in this transaction puts us on track to deliver that to the New Jersey market in the next 24 months.”
