Bridge Development plans first major N.J. project

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Bridge Development Partners LLC, the Chicago-based real estate development firm that opened a Parsippany office in September 2014, has made its first major deal.The company said in a news release that it has acquired 18.03 acres in Union for the development of a new Class A industrial building. Bridge acquired the site, formerly home of a milk processing plant, from Industrial Realty Group.

Bridge said it will demolish the existing on-site buildings, then build on spec a 263,415-square-foot property that can hold up to two tenants. The building is expected to be completed by November.

“This is a premier opportunity in the New Jersey market” Bridge’s Jeff Milanaik, one of two principals overseeing the Parsippany office, said in a prepared statement. “We are focused on finding infill opportunities in north and central New Jersey that have previously been overlooked due to the complexities of the property. These markets are experiencing a strong demand for quality Class A industrial facilities. This highly desirable project fits that need and will showcase the type of product we will continue to deliver in the Northeast.”

JLL’s team of Joel Lubin, managing director, and Blake Chroman and Chris Hile, senior vice presidents, will handle marketing and leasing of the project, Bridge said. Cornerstone Architects will perform architectural and structural design, with Premier Design Build National LLC acting as general contractor.

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