CBRE Philadelphia office negotiated the sale of the 365-acre development along the Interstate 78/81 corridor between owner Opus Investments / KTV Inc. of Red Bank, N.J., and buyer Bridge Development Partners.
Bridge Development Partners is a Chicago-based commercial real estate investment firm.
The logistics park, at 942 Memorial Parkway in Warren County, has approvals in place to build 3.8-million square feet of warehouse/distribution space. The park is on the former Ingersoll Rand property.
A spokesman for CBRE said the plans for the land should remain similar to what the previous owner was looking to do.
“This property represents one of the largest concentrations of approved land in the coveted Lehigh Valley area of the Interstate 78/81 corridor,” said Brian Fiumara, executive vice president, CBRE.
“With the strong tenant demand and limited availability of Class-A logistics space in the market, there was tremendous investor demand for this site, and we were able to identify an ideal buyer that recognized the park’s long-term value.”