On behalf of its U.S. core real estate strategy, PGIM Real Estate has acquired a four-building 2.2-million-square-foot industrial portfolio for $275 million from Bridge Development Partners. PGIM Real Estate is the real estate investment and financing business of PGIM, the $1.4 trillion global investment management businesses of Prudential Financial, Inc. (NYSE: PRU).
The newly constructed properties were delivered in early 2020 and are located on one contiguous site that spans across Phillipsburg and Lopatcong, New Jersey. The portfolio is located just 2.5 miles north of I-78, providing seamless access to the Northeast’s main trade corridors, FedEx’s Lehigh Valley distribution hub, the Port of NY/NJ, and Newark Liberty International Airport.
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