Middlebrook Crossroads industrial park in Bridgewater sold for $110 million
BRIDGEWATER – Middlebrook Crossroads, the industrial park along Chimney Rock Road that includes UPS and the Food Bank Network of Somerset County, has been sold for $110.4 million.
Terreno Realty, based in Bellevue, Washington, sold the property to SREIT Middlebrook, a partnership between Lovett Industrial, of Houston, and Starwood Real Estate Income Trust, of Miami Beach.
Terreno bought the property in September 2010 for $27 million from Advance at Middlebrook Crossings.
At that time, Terreno said in a press release, the 38-acre property with 581,000 square feet of space was 76% leased with 20 tenants.
Now, the company said, it is 100% leased to 29 tenants.
The 18-building property is at the southwest corner of Chimney Rock Road between Route 22 and Interstate 287. Other tenants include Lexus and SCP Distributors.
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This acquisition stands as Lovett Industrial’s third investment in the northeast United States since opening an eastern U.S. office in August 2020.
"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," said Michael Allen, senior managing director of Lovett Industrial’s East Region, in a statement. "We will continue to target more opportunities in this region that exhibit similar qualities."
As of Nov. 30, 2021, the SREIT portfolio had a total asset value of $18.2 billion in 334 properties.
Cushman & Wakefield served as broker for the transaction.
This article originally appeared on MyCentralJersey.com: Bridgewater NJ: Middlebrook Crossroads industrial park sold for $110M
