Lovett Industrial Acquires 18-Building Business Park in Bridgewater, NJ 

Houston-based real estate investment firm Lovett Industrial and an undisclosed capital partner have formed a partnership to acquire Middlebrook Crossroads, an 18-building industrial business park consisting of 580,277 square feet on 38.6 acres of land located within the highly sought after I-287 submarket of northern New Jersey.

Michael Allen, Senior Managing Director of Lovett Industrial’s East Region commented, “We’re thrilled for this acquisition to lead off our latest investment program focused on core acquisitions of assets providing stable cash flow and rent growth potential.

The Middlebrook portfolio represents an opportunity to acquire a unique industrial asset at a significant discount to replacement cost with material rental rate upside in one of the most sought-after submarkets in the United States. We will continue to target more opportunities in this region that exhibit similar qualities.”

Middlebrook Crossroads has been near-fully occupied for years and features an average building size of approximately 32,000 square feet, providing the unique ability to cater to tenants ranging from 5,000 square feet to 50,000 square feet. The property is currently leased to 28 diverse tenants including UPS, Lexus, and SCP Distributors.

This acquisition stands as Lovett Industrial’s third investment in the northeast United States since opening an eastern US office in August of 2020, and the company’s first stabilized property acquisition in the region.

Cushman & Wakefield, led by Gary Gabriel, Kyle Schmitt, David Bernhaut, and Ryan Larkin served as broker for the transaction.