BLP Continues New Jersey Push with Linden Industrial Acquisition
NEW JERSEY, September 7, 2022 – Bridge Logistics Properties (“BLP”), a subsidiary of Bridge Funding Group Holdings Inc. (NYSE: BRDG) (“Bridge”), introduced it has acquired 3301 and 3351 Tremley Level Street positioned in Linden, New Jersey. Immediately adjoining to I-95, the property consists of two warehouses totaling 170,000 sq. ft on 14.65 acres with a big extra land part. It’s in shut proximity to Newark Worldwide Airport, Ports Newark & Elizabeth and New York Metropolis. The North constructing is a second technology Class A facility with 36’ clear heights and a few chilly cupboard space; the South constructing is a purposeful Class B warehouse with numerous dock-high and grade-level doorways.
“We’re excited so as to add this infill New Jersey asset to our rising portfolio of coastal gateway property throughout the US. That is really a singular property as a result of performance of the prevailing warehouses and sheer quantity of extra yard – 3.2 acres – so near the Port,” states Will Gilkeson, Funding Officer of the Northeast who relies in BLP’s East Rutherford, New Jersey workplace.
Leo Josephs and Joshua Meisner of Leo Josephs & Firm, Inc. (LJCI) sourced the transaction from a personal proprietor on an off-market foundation.
“It was a pleasure to help BLP in buying such a fascinating property. Its shut proximity to the ports, wonderful outdoors storage and trailer parking, and great rental upside makes it a uncommon alternative in an infill market similar to Northern New Jersey,” mentioned Leo Josephs, President of LJCI. “Our long-standing relationship with the principals of BLP and great cooperation between purchaser and vendor allowed this transaction to happen in a market that requires purchasers to maneuver expeditiously.”
BLP was established in June 2021 when Jay Cornforth, Chief Govt Officer, and Brian Gagne, Chief Funding Officer, left Brookfield to begin the logistics division of Bridge Funding Group. The BLP group now consists of 33 devoted funding and enterprise professionals throughout a number of disciplines with a regional geographic presence in 4 workplaces – Northeast, West, Southeast and Central United States. For the reason that formation of BLP, Will Gilkeson and the Northeast group have already acquired 6 current properties and 1 growth web site totaling 565,519 sq. ft, and have a sturdy pipeline of property at the moment beneath settlement.
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About BLP
Bridge Logistics Properties (“BLP”) is a vertically built-in logistics actual property funding supervisor led by tenured, multi-disciplinary actual property veterans with expertise navigating a number of financial environments over the previous three many years. Its founding members and management group make use of a disciplined funding technique that’s each cycle-tested and progressive. BLP is a value-focused funding supervisor that’s extremely collaborative with its institutional capital companions. Leveraging its deep native relationships and international imaginative and prescient, BLP uncovers and executes worth transactions in focused coastal and gateway markets within the U.S. and overseas. Throughout its 4 workplaces – within the Northeast, West, Southeast and Central United States – BLP has confirmed regional expertise in acquisitions, opportunistic repositioning, and growth of world logistics property. Its steadfast give attention to innovation and sustainable growth promotes options which can be each worthwhile and socially accountable. For extra info, go to Bridge Logistics Properties.
About Leo Josephs & Firm, Inc.
LEO JOSEPHS & COMPANY, INC. (LJCI), Actual Property Capital Traders & Advisors, is a privately owned boutique actual property capital funding and advisory agency, specializing within the acquisition of economic actual property. LJCI has suggested and/or invested in over 15 million sq. ft of business properties within the New Jersey/New York Metro Space
About Bridge Funding Group
Bridge is a number one, vertically built-in actual property funding supervisor, diversified throughout specialised asset lessons, with roughly $38.8 billion of property beneath administration as of March 31, 2022. Bridge combines its nationwide working platform with devoted groups of funding professionals centered on choose U.S. actual property verticals: residential rental, workplace, growth, logistics properties, web lease and actual estate-backed credit score.
