Bridge Development Partners LLC, the Chicago-based real estate developer, has closed on a $62 million deal to buy a 103-acre industrial site called ePort Logistics Center in Perth Amboy, New Jersey. The spec property was sold by a joint venture between Goldman Sachs and Viridian Partners in a deal arranged by CBRE; full terms were not disclosed.
Bridge Development said it will start construction immediately on the three speculative industrial buildings, which will be known as ePort Logistics Center, with plans to deliver the buildings in 2016, according to a NJ Biz article. "We are excited to have the opportunity to acquire such a large tract of land in one of the busiest markets in the country,” Jeff Milanaik, principal at Bridge Development Partners, said in a press release. "The ability to construct 1.3 million square feet of distribution space on one property in such a mature market as New Jersey doesn't come along every day."
Once the site of an American Smelting & Refining Co. facility, Bridge expects the project, including the land purchase, to cost more than $150 million, according to Mr. Milanaik. The site is fully approved for the development of 1.3 million square feet of speculative class A warehouse and distribution space, featuring three buildings located at 980 High St., 1000 High St. and 960 High St., comprised of 718,200 square feet, 354,250 square feet and 220,200 square feet, according to a GlobeSt.com report. Viridian took 18 months to remediate the site, working with the Perth Amboy Redevelopment Agency, and delivered a pad-ready site for development.
"This project marks an industrial revival in Perth Amboy," added Mayor Wilda Diaz. "The creation of local job opportunities and the realization of new ratables are the primary goals of establishing a sustainable project that will continue to carry Perth Amboy into a prosperous future."
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