Denholtz Properties on Tuesday announced the acquisition of a 26,000-square-foot industrial building in Bridgewater.
Located at 6W Chimney Rock Road, the heart of Somerset County, the building is fully leased to UPS and serves as a truck maintenance facility and customer care center.
The site is part of the Bridgewater Business Park, which is made up of 16 flex/industrial buildings totaling 380,000 square feet. The acquisition now brings the number of Denholtz-owned buildings in the park to 12, comprising 290,163 square feet at 6W-10W Chimney Rock Road and 24E-30E Kearney St.
The purchase of 6W Chimney Rock Road was financed by Provident Bank, as a part of an overall refinancing of Denholtz Properties’ Bridgewater Business Park portfolio.
The Bridgewater Business Park features accessibility to Interstate 78 as well as the Garden State Parkway. Located directly along Route 22, one of the state’s busiest retail corridors, the complex is situated less a quarter mile from the newly constructed Chimney Rock Crossing, a 218,000-square-foot retail center anchored by Whole Foods.
“Somerset County’s strong demographics and highway accessibility continue to make it one of the state’s most attractive flex markets,” said Stephen Cassidy, president of Denholtz Properties. “Through the acquisition of this fully stabilized asset, we have successfully grown our presence in this in-demand market and have positioned this portfolio for continued long-term strength over the coming years.”
Kristine Hurlbut of Denholtz Properties represented Denholtz and Marcus & Millichap represented the seller in the transaction.