The buyer financed the acquisition with a $94.5 million loan.
Bridge Logistics Properties—a subsidiary of Bridge Investment Group Holdings Inc.—has purchased a two-building industrial property totaling 170,000 square feet in Linden, N.J. The seller was Embee Associates, CommercialEdge data shows.
The buyer financed the acquisition with a $94.5 million loan from Prudential Financial Insurance Co. President Leo Josephs and Vice President Joshua Meinser of Leo Josephs & Co. Inc. facilitated the off-market deal for the buyer. The property last traded in 1999, when the current seller acquired it for $1.5 million, according to the same data provider.
The pair of warehouses are located at 3301 and 3351 Trembley Point Road, on a 14.7-acre plot just off Interstate 95. The property sits 8.5 miles from Newark Liberty International Airport, 11.6 miles from Port Newark and within 23 miles of New York City.
The North building is a Class A facility featuring 36-foot clear heights and cold storage space, while the South building is a Class B warehouse equipped with dock-high and grade-level doors. The property also includes excess land.
Bridge Investment established its logistics division in June 2021. Since then, the Northeast team acquired six existing properties and a development site, amounting to a total of 565,519 square feet.
Earlier this year, another two-building New Jersey asset changed hands. Modern Logistics purchased the 73,276-square-foot Linden portfolio from Hub Realty. The sale includes two warehouses and a 2.1-acre laydown yard.