S hopping C enters N ew J ersey

Real Estate Journal — New Jersey — Section B


M id A tlantic

PREMIER Design + Build Group, LLC serves as general contractor Bridge Development Partners breaks ground on Bridge Point 78

OPATCONG AND PHILLIPSBURG, NJ — Bridge Develop- ment Partners, LLC broke ground on Bridge Point 78, the company’s planned 4 million s/f state-of-the-art logistics park spanning Phillipsburg and Lopatcong. Lopatcong Mayor James E. Mengucci and Phillipsburg Mayor Stephen R. Ellis joined executives from Bridge Development Partners and PREMIER Design + Build Group, LLC , the gen- eral contractor for the project at the groundbreaking ceremony L HI-LIGHTS NOVEMBER 9 - 22, 2018

this project get started and am hoping that it will be the start of a revitalization—not only for Lopatcong, but for the en- tire surrounding region,” said Mayor Mengucci. “The team at Bridge has been great to work with, and I am looking forward to continuing a great working relationship with them.” Bridge Development Part- ners has committed to develop- ing Bridge Point 78 – the first phase of which will encompass four buildings – on a specula- tive basis. Upon completion, the 381-acre site will also feature two large retention ponds, a dam for stormwater, and mul- tiple bioretention basins. “For the first time since In- gersoll Rand vacated this mas- sive site decades ago, it is officially on its way to once again becoming a beehive of in- dustry for the region,” said Jeff Milanaik, Partner – Northeast Region, Bridge Development Partners.  PNY Technologies spent many years and a consider- able amount of capital im- proving the building after purchasing it from Pfizer. The property’s location – 30 minutes from New York City, Newark Liberty Interna- tional Airport, and the Port of NY/NJ – also contributed to strong interest among in- vestors and users. “The qual- ity of this asset and strong institutional sponsorship led to a competitive bidding process and excellent terms put forth by lender Granite Point Mortgage Trust, Inc. ,” Alascio said. “Ulti- mately, Turnbridge was able to take advantage of a great opportunity in a market of- fering outstanding industrial fundamentals.”  tion has a long track record of successful investments, and the depth of its expertise and professionalism was clear in the 100 Jefferson Rd. transac- tion from start to finish.”

Lopatcong Mayor James E. Mengucci and Phillipsburg Mayor Stephen R. Ellis join company executives at groundbreaking ceremony for 4-million-square-foot logistics hub. to offer remarks.

environmental problems on the site. Coming are ratables that make our town more affordable for residents." Bridge Point 78 is expected to create thousands of jobs in the region through construc- tion and logistics operations at its buildings, filling a void that was left after the departure of Ingersoll Rand’s manufacturing operations from the site nearly

20 years ago. Before its closure, the plant produced steam con- densers, rock compressors, and nuclear submarine pumps dur- ing both world wars, contribut- ing to the nation’s industrial growth. Bridge Development Partners will be donating In- gersoll Rand artifacts from the site, to be kept in a future museum. “I am very excited to have

"We stand here today at a turning point for both the Town of Phillipsburg and Lopatcong Township,” said Mayor Ellis. "We are at the start of a rebirth of the economic vitality of our towns. Coming are construction jobs for our residents. Coming are permanent jobs in ware- housing and transportation of goods. Coming is remediation of


Cushman&Wakefield arranges 540,103 s/f industrial sale/leaseback in Parsippany



PARSIPPANY, NJ — Cushman & Wakefield pro- fessionals from four Cush- man & Wakefield service lines — Investment Sales, Finance, Leasing and Asset Management — worked in unison to structure the recent sale/leaseback of PNY Tech- nologies’ Global Headquar- ters at 100 Jefferson Rd. in Parsippany. A joint venture of Turnbridge Equities , a New York City-based, pri- vately held full-service real estate investment and de- velopment firm, and Harbor Group International, LLC (HGI) , purchased the 540,103 s/f property from PNY Tech- nologies. PNY Technologies leased back 25% of the building on a long-term basis, leaving 400,000 s/f of industrial space for Turnbridge Equities to rent. This includes 200,000 s/f of 38-foot clear height, high- cube space – a distinguishing attribute in the local market.


100 Jefferson Rd.

Located at the intersection of I-80 and I-287, I-100 Jefferson Rd. sits on nearly 36 acres just minutes from routes 10, 46 and 202, and the Morristown CBD. Members of Cushman & Wakefield’s New Jersey capi- tal markets team – includ- ing Gary Gabriel, Kyle Schmidt, Andrew Merin, David Bernhaut, Brian Whitmer and Ryan Larkin represented the seller and procured the buyer in the transaction. John Alascio, Sridhar Vankayala, Mark Ehlinger, Noble Carpenter III and Zachary Kraft from Cushman &Wakefield’s Equi-

ty Debt & Structured Finance group arranged acquisition financing. Additional support was provided by New Jersey industrial leasing experts Jason Goldman and An- drew Siemsen , and property management specialists Mike Nevins, Sam Collison, Cliff Mortara and Mike Baldino. “Turnbridge was drawn by the property’s location and functionality, and jumped on the lease-up opportunity and chance to create a new industrial offering in one of the country’s most sought- after distribution markets,” Gabriel noted. “This organiza-





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