Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BRIDGEWATER, NJ-Package delivery giant UPS has completed two deals–one an acquisition and the other a lease–involving a total of 255,800 sf in two buildings within the MiddleBrook Crossroads industrial park here. The 20-building, 800,000-sf park is among the holdings of the Bedminster, NJ-based Advance Realty Group.

The acquisition involves the 222,200-sf building at 16E Chimney Rock Rd., which UPS has been using as a local distribution center for a number of years, occupying it on a leased basis. The acquisition price was not released, but industry sources put the number in the $12-million range.

The lease, an extension, is for the entire 33,600-sf building at 11E Easy St. within the park. UPS uses the building as an adjunct to the larger building, specifically for distribution support and sales offices. Terms were not released. Availabilities totaling approximately 88,000 sf in units from 2,400 sf to 27,000 sf are currently listed with asking prices of $5.75 psf net for industrial space and $12 per sf net for offices.

“This purchase and lease renewal come at a time when deals are few and far between,” says Brian Banaszynski, vice president of leasing for Advance Realty Group. “MiddleBrook has been a regional home for UPS for years, and these deals extend their commitment to the park and to the region. The deals are also part of an ongoing trend of companies securing space in assets that are close to major transportation corridors.”

MiddleBrook Crossroad’s 20 single-story buildings are on a triangular site bordered by Routes 22 and 28, and I-287, with direct access via Route 22. The 16E building, at 222,200 sf, is by far the largest on-site, with the other 19 buildings all in the 24,000-sf to 51,000-sf range.

Advance acquired most of the industrial park from a local partnership in 2000, and completed the property’s acquisition in 2003 when it bought the 16E building that it has now sold to UPS. Concurrent to its 2003 acquisition of the 16E building, Advance had negotiated a long-term lease with UPS and launched a major overhaul of the overall park.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.