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Bridge Logistics Properties Acquires 202K SF Industrial Property In Meadowlands Industrial, New Jersey For $45M

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SOLD
$45,000,000
Leo Josephs
Joshua Meisner
WG

New Jersey

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Industrial202,000 SF
Sold 04/18/2023
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SOLD

Bridge Logistics Properties Acquires 202K SF Industrial Property In Meadowlands Industrial, New Jersey For $45M

1-5 Plant Rd. Hasbrouck Heights, NJ 07604

See Similar Deals
Industrial202,000 SF
Sold 04/18/2023
Leo Josephs
Joshua Meisner
WG
the dealplayerscompscontact
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Summary

NEW JERSEY
Asset Type:Industrial
Price Per Square Foot:$222
Total Square Footage:202,000 SF
Transaction Type:Sale

Bridge Logistics Properties, a subsidiary of Bridge Investment Group Holdings Inc., has acquired 1-5 Plant Road in Hasbrouck Heights & Teterboro, New Jersey. The property, totaling 202,000 square feet, includes warehouse space and a separate 0.50 acre parking lot. Situated in the Meadowlands industrial market, the location offers convenient access to densely populated areas in Northern New Jersey and New York City, as well as Newark Liberty International Airport and the Ports of New York / New Jersey.

Summary of transaction details

  • Property Type: Industrial
  • Transaction Amount: $45,000,000
  • Square Feet: 202,000
  • Price per Square Foot: $223
  • Address: 1-5 Plant Road, Hasbrouck Heights & Teterboro, New Jersey
  • Market: Meadowlands Industrial

Bridge Logistics Properties was represented by Leo Josephs and Joshua Meisner of Leo Josephs & Company, Inc. (LJCI). The acquisition of 1-5 Plant Road was sourced on an off-market basis. Leo Josephs & Company, Inc. facilitated the transaction, providing their expertise in the industrial real estate market.

Players

Leo Josephs
Leo Josephs
2 deals$134.5M volume
BROKER
Joshua Meisner
Joshua Meisner
3 deals$134.5M volume
BROKER
WG
Will Gilkeson
5 deals$297.7M volume
BUYER

Details

SOLD
IMAGE: Leo Josephs, Joshua Meisner & Will Gilkeson DATE: 04/18/2023 ADDRESS: 1-5 Plant Road MARKET: Meadowlands Industrial, New Jersey ASSET TYPE: Industrial BUYER: Bridge Logistics Properties (@BLP_BridgeLogistics)- Will Gilkeson BUYER'S REP: Leo Josephs & Joshua Meisner - Leo Josephs & Company, Inc. SALE PRICE: $45,000,000 SF: 202,000 ~ PPSF: $223 NOTE FROM BUYER'S REP: Bridge Logistics Properties (“BLP”), a subsidiary of Bridge Investment Group Holdings Inc. (NYSE: BRDG) (“Bridge”), announced the acquisition of 1-5 Plant Road, located in Hasbrouck Heights & Teterboro, New Jersey. The property consists of 202,000 square feet of warehouse space with a separate 0.50 acre parking lot. The property is located in the Meadowlands industrial market which provides immediate access to the most densely populated areas of Northern New Jersey and New York City via the robust local infrastructure network, as well as Newark Liberty International Airport and the Ports of New York / New Jersey. Leo Josephs and Joshua Meisner of Leo Josephs & Company, Inc. (LJCI) sourced the transaction on an off-market basis.

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Deal Type
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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$159,875.50
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