(BRIDGEWATER) – Lovett Industrial, the Houston-based real estate investment firm, and an undisclosed capital partner have formed a partnership to acquire Middlebrook Crossroads, an 18-building industrial business park consisting of 580,277 square feet on 38.6 acres of land located within the highly sought after I-287 submarket of northern New Jersey.
The business park is located at the southwest corner of Chimney Rock Road between Highway 22 and Interstate 287 within Bridgewater Township, providing immediate proximity to Interstate 78, Routes 202/206 and 28, and the New Jersey Turnpike/Interstate 95. Middlebrook Crossroads also benefits from access to 1.2 million consumers within 15 miles, over eight million consumers within an hour drive, and a strong labor pool from surrounding townships.
Michael Allen, Senior Managing Director of Lovett Industrial’s East Region commented, “We’re thrilled for this acquisition to lead off our latest investment program focused on core acquisitions of assets providing stable cash flow and rent growth potential. The Middlebrook portfolio represents an opportunity to acquire a unique industrial asset at a significant discount to replacement cost with material rental rate upside in one of the most sought-after submarkets in the United States. We will continue to target more opportunities in this region that exhibit similar qualities.”
Middlebrook Crossroads has been near-fully occupied for years and features an average building size of approximately 32,000 square feet, providing the unique ability to cater to tenants ranging from 5,000 square feet to 50,000 square feet. The property is currently leased to 28 diverse tenants including UPS, Lexus, and SCP Distributors.
This acquisition stands as Lovett Industrial’s third investment in the northeast United States since opening an eastern US office in August of 2020, and the company’s first stabilized property acquisition in the region.
Cushman & Wakefield, led by Gary Gabriel, Kyle Schmitt, David Bernhaut, and Ryan Larkin served as broker for the transaction.
About Lovett Industrial
Founded in 2020 and based in Houston, Texas, Lovett Industrial is a privately held vertically integrated logistics real estate investment platform that seeks to develop and acquire industrial real estate assets that are differentiated by their quality, location, and functionality. Currently active in 7 markets across the United States, Lovett Industrial’s portfolio consists of approximately 7.6 million square feet of completed and under construction warehouses and in excess of 10 million square feet of warehouses planned for future development. Lovett Industrial’s founders have combined over 60+ years of experience in the commercial and industrial real estate sectors. For more information, please see our website at https://lovettindustrial.com/site.
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