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Deals & Dealmakers

BLP Continues New Jersey Push with Linden Industrial Acquisition

Bridge Logistics Properties (“BLP”), a subsidiary of Bridge Investment Group Holdings Inc. (NYSE: BRDG) (“Bridge”), announced it has acquired 3301 and 3351 Tremley Point Road located in Linden, New Jersey.  Directly adjacent to I-95, the property consists of two warehouses totaling 170,000 square feet on 14.65 acres with a large excess land component.  It is in close proximity to Newark International Airport, Ports Newark & Elizabeth and New York City. The North building is a second generation Class A facility with 36’ clear heights and some cold storage space; the South building is a functional Class B warehouse with a large number of dock-high and grade-level doors.

“We are excited to add this infill New Jersey asset to our growing portfolio of coastal gateway assets across the United States. This is truly a unique property due to the functionality of the existing warehouses and sheer amount of excess yard – 3.2 acres – so close to the Port,” states Will Gilkeson, Investment Officer of the Northeast who is based in BLP’s East Rutherford, New Jersey office.

Leo Josephs and Joshua Meisner of Leo Josephs & Company, Inc. (LJCI) sourced the transaction from a private owner on an off-market basis. 

“It was a pleasure to assist BLP in acquiring such a desirable property. Its close proximity to the ports, excellent outside storage and trailer parking, and tremendous rental upside makes it a rare opportunity in an infill market such as Northern New Jersey,” said Leo Josephs, President of LJCI. “Our long-standing relationship with the principals of BLP and tremendous cooperation between buyer and seller allowed this transaction to occur in a market that requires purchasers to move expeditiously.”

BLP was established in June 2021 when Jay Cornforth, Chief Executive Officer, and Brian Gagne, Chief Investment Officer, left Brookfield to start the logistics division of Bridge Investment Group. The BLP team now consists of 33 dedicated investment and business professionals across several disciplines with a regional geographic presence in four offices – Northeast, West, Southeast and Central United States.  Since the formation of BLP, Will Gilkeson and the Northeast team have already acquired 6 existing properties and 1 development site totaling 565,519 square feet, and have a robust pipeline of assets currently under agreement.

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