A Houston-based real estate investment firm, in partnership with an undisclosed capital partner, on Tuesday said they acquired Middlebrook Crossroads, an 18-building industrial business park in Bridgewater.
This acquisition stands as Lovett Industrial’s third investment in the Northeast since opening an eastern U.S. office in August 2020, and the company’s first stabilized property acquisition in the region.
Cushman & Wakefield, led by Gary Gabriel, Kyle Schmitt, David Bernhaut and Ryan Larkin, served as broker for the transaction.
The campus consists of 580,277 square feet and sits on 38.6 acres of land located within the highly-sought-after Interstate 287 submarket at the southwest corner of Chimney Rock Road between Route 22 and Interstate 287. It offers immediate proximity to Interstate 78, Routes 202/206 and 28, and the New Jersey Turnpike/Interstate 95.
Middlebrook Crossroads also benefits from access to 1.2 million consumers within 15 miles, over 8 million consumers within an hour drive, and a strong labor pool from surrounding townships.
“We’re thrilled for this acquisition to lead off our latest investment program focused on core acquisitions of assets providing stable cash flow and rent growth potential,” Michael Allen, senior managing director of Lovett Industrial’s East Region, said. “The Middlebrook portfolio represents an opportunity to acquire a unique industrial asset at a significant discount to replacement cost with material rental rate upside in one of the most sought-after submarkets in the United States. We will continue to target more opportunities in this region that exhibit similar qualities.”
Middlebrook Crossroads has been near-fully occupied for years and features an average building size of approximately 32,000 square feet, providing the unique ability to cater to tenants ranging from 5,000 square feet to 50,000 square feet. The property is currently leased to 28 diverse tenants, including UPS, Lexus and SCP Distributors.
