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Bridge Development Partners Acquires Development Site, Approved Plan to Build I-78 Industrial Park

Vesey Capital Sells 365 Acres for $43M
February 27, 2018
Bridge Development Partners LLC, an Illinois-based property investment firm, acquired 365 acres of fully approved land to build the I-78 Logistics Park in Phillipsburg, NJ.

Vesey Capital LLC sold the entitled site at 942 Memorial Pky for $43 million, or about $118,000 per acre.

Plans call for an eight-building industrial park north of I-78 in the Warren County submarket. In-place approvals would allow for development of up to 3.8 million square feet of industrial space.

Brian Fiumara, Michael Hines and Brad Ruppel of CBRE represented the seller. The buyer handled the sale in-house.

Please see CoStar COMPS #4137479 for more information on this transaction.
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