PHILLIPSBURG, NJ – PGIM Real Estate has acquired a 2.2-million-square-foot industrial portfolio from Bridge Development Partners, in a $275 million transaction.
The portfolio, comprising four newly-constructed properties, spans across Phillipsburg, NJ and Lopatcong, NJ, near Interstate 78. The buildings were delivered in early 2020.
"This portfolio sits in a strategic location that provides better access to New York City than other submarkets in the Lehigh Valley area," says Frank Garcia, managing director and senior portfolio manager for PGIM Real Estate's US core strategy. "The park was designed with the flexibility to cater to both large users and smaller tenants with a variety of space requirements, making it ideal for many logistics and e-commerce tenants seeking an optimal location at a discount to northern New Jersey rents."
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
