Bridge Development Partners has paid $43 million for a master-planned development located along the Interstate 78/81 corridor in Lopatcong and Phillipsburg, New Jersey. The scheme, the I-78 Logistics Park, is located at 942 Memorial Parkway on a 365 acre site. Approvals are already in place for the construction of 3.8 million square feet of warehouse/distribution space at the development. Brian Fiumara, Michael Hines, Brad Ruppel and Lauren Dawicki of CBRE National Partners negotiated on behalf of the seller, Opus Investments / KTV, Inc.
“This property represents one of the largest concentrations of approved land in the coveted Lehigh Valley area of the Interstate 78/81 Corridor,” said Fiumara. “With the strong tenant demand and limited availability of Class A logistics space in the market, there was tremendous investor demand for this site and we were able to identify an ideal buyer that recognized the park’s long-term value.”
