PGIM Real Estate Acquires Industrial Property In Phillipsburg For $275M

The industrial property located at 942 Memorial Parkway in Phillipsburg has been sold for a price of $275,000,000. The asset spans across 2,200,000 square feet, resulting in a price per square foot of $125. The sale took place on November 12, 2020.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $275,000,000
• Square Footage: 2,200,000
• Price Per Square Foot: $125
• Address: 942 Memorial Parkway, Phillipsburg
• Market: Phillipsburg

The seller of the property was Bridge Development Partners, while the buyer was PGIM Real Estate. The deal was facilitated by Brian Fiumara of CBRE National Partners.