Bridge Industrial Secures $53M Loan for New Jersey Project
Chicago based Bridge Industrial has secured a $53 million construction loan from Mesa Capital to support the development of Bridge Point 999 — a nearly 300,000-square-foot industrial building in South Brunswick, N.J.
Completion of the Class A logistic hub is set for the second quarter of 2024. The property is expected to include 40-foot clear heights, 47 loading doors, expansive column spacing, two drive-in doors, 130-foot truck courts, 49 trailer parking stalls and parking spots for 181 cars.
Mesa West Capital’s Brian Hahn, Matt Snyder, and Jacob Rosen provided the financing, while the deal was arranged by CBRE’s Steve Roth and Ryan Kieser from the firm’s Chicago office.
“This opportunity allows us to provide financing for state-of-the-art, Class A industrial product to a leading sponsor in a highly strategic submarket,” Hahn said.
Situated at 999 Cranbury S. River Road, the 26.6-acre parcel is located within the Exit 8A submarket and comprises 78 million square feet of commercial space. The property boasts convenient access to Interstate 95 and lies midway between New York and Philadelphia.
Hahn pointed out that the central New Jersey submarket was experiencing a severe shortage of modern industrial properties, which was driving up demand and pushing vacancy rates down.
“Within the [Exit 8A] submarket market, there remains a shortage of modern distribution centers between 100,000 and 300,000 square feet,” Hahn said. “This points to high market demand for this undersupplied industrial product.”
Established in 2004 and boasting a global presence with offices in Los Angeles, New York, Chicago, and San Francisco, Mesa West has established itself as a leading commercial real estate debt fund manager and portfolio lender. With an impressive track record spanning two decades, the firm boasts an extensive portfolio of more than 300 transactions collectively valued at more than $20 billion.
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