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PGIM Real Estate acquires N.J. industrial portfolio for $275m
Transactions - OCTOBER 30, 2020

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PGIM Real Estate acquires N.J. industrial portfolio for $275m

by Released

PGIM Real Estate has acquired a four-building, 2.2 million-square-foot industrial portfolio in New Jersey for $275 million from Bridge Development Partners.

PGIM Real Estate is the real estate investment and financing business of PGIM, the $1.4 trillion global investment management businesses of Prudential Financial.

“This portfolio sits in a strategic location that provides better access to New York City than other submarkets in the Lehigh Valley area,” said Frank Garcia, managing director and senior portfolio manager for PGIM Real Estate’s U.S. core strategy. “The park was designed with the flexibility to cater to both large users and smaller tenants with a variety of space requirements, making it ideal for many logistics and ecommerce tenants seeking an optimal location at a discount to northern New Jersey rents.”

The newly constructed properties were delivered in early 2020 and are located on one contiguous site that spans across

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