NEW JERSEY, September 7, 2022 - Bridge Logistics Properties (“BLP”), a subsidiary of Bridge Investment Group Holdings Inc. (NYSE: BRDG) (“Bridge”), announced it has acquired 3301 and 3351 Tremley Point Road located in Linden, New Jersey. Directly adjacent to I-95, the property consists of two warehouses totaling 170,000 square feet on 14.65 acres with a large excess land component. It is in close proximity to Newark International Airport, Ports Newark & Elizabeth and New York City. The North building is a second generation Class A facility with 36’ clear heights and some cold storage space; the South building is a functional Class B warehouse with a large number of dock-high and grade-level doors.
“We are excited to add this infill New Jersey asset to our growing portfolio of coastal gateway assets across the United States. This is truly a unique property due to the functionality of the existing warehouses and sheer amount of excess yard - 3.2 acres - so close to the Port,” states Will Gilkeson, Investment Officer of the Northeast who is based in BLP’s East Rutherford, New Jersey office.
Leo Josephs and Joshua Meisner of Leo Josephs & Company, Inc. (LJCI) sourced the transaction from a private owner on an off-market basis.
“It was a pleasure to assist BLP in acquiring such a desirable property. Its close proximity to the ports, excellent outside storage and trailer parking, and tremendous rental upside makes it a rare opportunity in an infill market such as Northern New Jersey,” said Leo Josephs, President of LJCI. “Our long-standing relationship with the principals of BLP and tremendous cooperation between buyer and seller allowed this transaction to occur in a market that requires purchasers to move expeditiously.”
BLP was established in June 2021 when Jay Cornforth, Chief Executive Officer, and Brian Gagne, Chief Investment Officer, left Brookfield to start the logistics division of Bridge Investment Group. The BLP team now consists of 33 dedicated investment and business professionals across several disciplines with a regional geographic presence in four offices – Northeast, West, Southeast and Central United States. Since the formation of BLP, Will Gilkeson and the Northeast team have already acquired 6 existing properties and 1 development site totaling 565,519 square feet, and have a robust pipeline of assets currently under agreement.
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About BLP
Bridge Logistics Properties (“BLP”) is a vertically integrated logistics real estate investment manager led by tenured, multi-disciplinary real estate veterans with experience navigating several economic environments over the past three decades. Its founding members and leadership team employ a disciplined investment strategy that is both cycle-tested and innovative. BLP is a value-focused investment manager that is highly collaborative with its institutional capital partners. Leveraging its deep local relationships and global vision, BLP uncovers and executes value transactions in targeted coastal and gateway markets in the U.S. and abroad. Across its four offices – in the Northeast, West, Southeast and Central United States – BLP has proven regional experience in acquisitions, opportunistic repositioning, and development of global logistics assets. Its steadfast focus on innovation and sustainable development promotes solutions that are both profitable and socially responsible. For more information, visit Bridge Logistics Properties.
About Leo Josephs & Company, Inc.
LEO JOSEPHS & COMPANY, INC. (LJCI), Real Estate Capital Investors & Advisors, is a privately owned boutique real estate capital investment and advisory firm, specializing in the acquisition of commercial real estate. LJCI has advised and/or invested in over 15 million square feet of industrial properties in the New Jersey/New York Metro Area
About Bridge Investment Group
Bridge is a leading, vertically integrated real estate investment manager, diversified across specialized asset classes, with approximately $38.8 billion of assets under management as of March 31, 2022. Bridge combines its nationwide operating platform with dedicated teams of investment professionals focused on select U.S. real estate verticals: residential rental, office, development, logistics properties, net lease and real estate-backed credit.
