Lovett Industrial, a Houston-based real estate investment firm, and an undisclosed capital partner have formed a partnership to acquire Middlebrook Crossroads, an 18-building industrial business park consisting of 580,277 square feet on 38.6 acres located within the highly sought- after I-287 submarket of northern New Jersey.
The business park is located at the southwest corner of Chimney Rock Road between Highway 22 and Interstate 287 within Bridgewater Township, providing immediate proximity to Interstate 78, Routes 202/206 and 28, and the New Jersey Turnpike/Interstate 95. Middlebrook Crossroads also benefits from access to 1.2 million consumers within 15 miles, more than 8 million consumers within an hour drive, and a strong labor pool from surrounding townships.
“We’re thrilled for this acquisition to lead off our latest investment program focused on core acquisitions of assets providing stable cash flow and rent growth potential,” said Michael Allen, senior
