October 20, 2015
By Joshua Burd
Bridge Development Partners has acquired a remediated 103acre site in Perth Amboy, where it plans to develop a
1.3 millionsquarefoot warehouse and distribution complex.
The firm said it will start construction immediately on the three speculative industrial buildings, which will be known as ePort Logistics Center, with plans to deliver the buildings in 2016. The complex along High Street will include buildings of 718,200 square feet, 354,250 square feet and 220,200 square feet.
The seller was a joint venture between an affiliate of The Goldman Sachs Group Inc. and Viridian Partners, according to a news release from CBRE, which represented the venture. The selling partnership assembled the 103 acre site in January 2013 to reposition the land into a warehouse and distribution park, then worked with the Perth Amboy Redevelopment Agency through a roughly 18month remediation process that left the property shovelready.
“We are excited to have the opportunity to acquire such a large tract of land in one of the busiest markets in the country,” Jeff Milanaik, principal at Bridge Development Partners, said in a prepared statement. “The ability to construct 1.3 million square feet of distribution space on one property in such a mature market as New Jersey doesn’t come along every day.
“The project, when complete, will enable companies located in the park almost instantaneous access to the largest consumer market in the United States.”
Each building will feature clear heights of 36 feet and ample loading doors
and trailer parking, according to a news release. The site provides immediate access to Route 440, connecting Perth Amboy to the New Jersey Turnpike, the Garden State Parkway and the Staten Island Expressway.
“New Jersey currently has an extremely limited supply of land available to develop Class A industrial product,” said Thomas Monahan, senior vice president at CBRE. “EPort Logistics Center offered the buyer a unique, compelling opportunity to acquire fully remediated and entitled land in the state for a project of this substantial size.”
CBRE Group Inc. arranged the sale of ePort Logistics Center with Michael Hines, Brian Fiumara and Brad Ruppel of CBRE National Partners and Monahan and Noah Balanoff of CBRE New Jersey, according to a separate news release. The CBRE team exclusively represented the development site’s former ownership in the transaction.
Monahan and Balanoff will be the leasing agents for the project.
