Plans for a total of 3.85 million square feet of industrial space along Route 22 are progressing, with the announced sale of the site’s 2.2 million-square-foot Phase I.
Bridge Development Partners announced it sold to PGIM Real Estate the first phase of Bridge Point 78 along Route 22.
The site is the redevelopment of former Ingersoll Rand property in Phillipsburg and Lopatcong Township.
Phillipsburg Mayor Todd Tersigni last week announced he had met Wednesday with Bridge Development and that construction on Phase II is set to start at the end of November.
The new work will include demolition, grading and compaction, and site improvements through winter, according to Tersigni.
Not included in the sale to PGIM, Phase II of Bridge Point 78 is planned to encompass roughly 1.67 million square feet across two buildings.
Completed in 2019, Bridge Point 78 Phase I represents six state-of-the-art industrial facilities, the developer says.
Bridge Development secured Uniqlo as Bridge Point 78′s anchor tenant in October 2019, when the Japanese clothing manufacturer and retailer signed a lease for 975,761 square feet at Phase I’s largest building -- marking the developer’s largest lease to date across its five-market territory. In April 2020, beverage distributor Mark Anthony Brands -- maker of White Claw -- signed a lease for 419,460 square feet.
Brian Fiumara with CBRE National Partners represented Bridge Development in the Phase I sale to PGIM. Terms were not disclosed.
“Bridge Point 78 Phase I has been a successful project that has had a tremendous impact on the communities of both Phillipsburg and Lopatcong, and helped establish this rural area of New Jersey as a new hub for warehousing and distribution,” Jeff Milanaik, partner of Bridge Development’s Northeast Region, said in a statement. "We already have an outstanding relationship with PGIM Real Estate, and are certain that this property is poised for continued success in their hands.
“In the meantime, we will continue our work transforming New Jersey’s infill and brownfield sites into state-of-the-art industrial facilities -- creating developments that draw even more successful tenants that can fuel wider economic growth for the region.”
Bridge Point 78 Phase I’s four buildings range in size from 175,055 square feet to 975,761 square feet and offer amenities including clear ceiling heights ranging from 36 - 40 feet; both single and cross docked loading configurations; and an abundance of loading docks and ample trailer and car parking.
The development is designed to offer easy access to Interstate 78 and Route 22 as well as direct, toll-free access to the Port of Newark.
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Kurt Bresswein may be reached at kbresswein@lehighvalleylive.com.
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Route 22 warehouse complex’s 1st buildings are sold, with Phase II set to start - lehighvalleylive.com
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