Bridge Development buys Edison site to build 124K sf industrial facility

A 7.47-acre industrial development site in Edison was sold last week for an undisclosed sum to Bridge Development Partners, NJBIZ reported. The developer said its plans for the property include a 124,560-square-foot industrial facility. Industrial properties, whose valuations in New Jersey and elsewhere have soared based upon their proximity to customers and clients, are located two miles from I-287 and three miles from Exit 10 of the New Jersey Turnpike. Plans for the facility, known as Bridge Point Edison, call for 36-foot clear ceilings and two 1,892-square-foot office pads. Teterboro-based commercial real estate services firm NAI James E. Hanson brokered the deal on behalf of Bridge Development. According to research from JLL, the Exit 10 submarket had a net absorption of 322,688 square feet during the first quarter of this year. Total vacancy in the submarket reached 1.2 percent, while average asking rents neared $8.31 per-square-foot. The Real Deal reported in March that Bridge Development had secured a $12.3 million loan for a spec industrial building in the Chicago suburb of Bedford Park. NJBIZ noted in late May that industrial rents in New Jersey were substantially higher than the U.S. average, citing data from Transwestern. [NJBIZ]