Cushman & Wakefield said Sept. 17 that it arranged the sale of two neighboring industrial buildings totaling 204,000 square feet at 3 and 5 Finderne Ave. in Bridgewater.
A Cushman & Wakefield team of Gary Gabriel, David Bernhaut, Kyle Schmidt and Seth Zuidema represented the seller, Camber Real Estate Partners, and procured the buyer, High Street Logistics Properties.
“These buildings offer highly functional space with significant upside from below market rents and the continued record amount of leasing velocity along the I-287 Corridor,” Gabriel said.
Located at the intersection of Interstate 287 and Route 22, the buildings are fully leased to two tenants. They feature cross-dock loading with 36 loading positions and a 23-foot clear height.
Previous ownership invested $1.8 million in capital improvements during the last nine months including new roofs at both buildings in addition to loading packages, LED lighting and office upgrades at 5 Finderne Ave.
Since 2016, the Upper Interstate-287 Corridor submarket has reported rental rate growth of 53.2%, or 10.6% per annum.