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PGIM RE Adds 2.2M-SF Industrial Portfolio in NJ
Bridge Development Partners said Thursday it had sold Phase I of Bridge Point 78 in Phillipsburg, NJ to PGIM Real Estate. Separately, PGIM said it paid $275 million for the 2.2-million-square-foot industrial portfolio, recently honored with NAIOP New Jersey’s “Industrial Deal of the Year” award.
“This portfolio sits in a strategic location that provides better access to New York City than other submarkets in the Lehigh Valley area,” said Frank Garcia, managing director and senior portfolio manager for PGIM Real Estate’s U.S. core strategy. “The park was designed with the flexibility to cater to both large users and smaller tenants with a variety of space requirements.”
Brian Fiumara with CBRE National Partners represented Bridge in the sale. Managing director Todd Goldberg, executive directors Ian Christ and Steven Oliveira and associate VP Kevin Interlicchio of PGIM Real Estate’s Transactions team led the portfolio acquisition on the firm’s behalf.
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- ◦Sale/Acquisition
