{"id":1004666306,"date":"2023-06-06T02:57:21","date_gmt":"2023-06-06T10:57:21","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004666306"},"modified":"2023-06-06T04:16:24","modified_gmt":"2023-06-06T12:16:24","slug":"bridge-industrial-lands-64m-for-newark-spec-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/bridge-industrial-lands-64m-for-newark-spec-project\/","title":{"rendered":"Bridge Industrial Lands $64M for Newark Spec Project"},"content":{"rendered":"
\"Bridge<\/a>

Rendering of Bridge Point 15E. Image courtesy of JLL<\/em><\/p><\/div>\n

Bridge Industrial<\/strong> has secured $64.3 million in financing for Bridge Point 15E, an upcoming 211,388-square-foot Class A industrial project in Newark, N.J. JLL<\/strong> negotiated on behalf of the developer in securing the three-year construction loan, originated by an affiliate of Heitman<\/strong>.<\/p>\n

Located at 17 Blanchard St. near the Port of New York and New Jersey, Bridge Point 15E will be a Class A distribution center. Developed on speculative basis, completion is set for the third quarter of 2024.<\/p>\n

\n

READ ALSO<\/strong>: How Debt Costs Will Affect Industrial Demand This Year<\/a><\/p>\n

\n

To be situated on a 12-acre plot near Interstate 95 and the New Jersey Turnpike\u2019s Exist 15E, the development will be within a 5-mile radius of Newark Liberty International Airport and Port Newark. The Northern New Jersey industrial market is in high demand, boasting a vacancy rate of 2 percent, according to JLL. The Port submarket is even more sought-after, with 1.9 percent rate.<\/p>\n

The JLL Debt Advisory team of Vice President Michael Lachs, Senior Managing Directors Michael Klein and Jon Mikula worked on behalf of Bridge Industrial in closing the loan. In the current market conditions, obtaining construction financing for speculative industrial projects can be a challenge, said Klein, in prepared statements.<\/p>\n

A leading industrial market<\/h2>\n

Despite economic uncertainty, the industrial sector kept its momentum in April, according to recent CommercialEdge data<\/a>. New Jersey led the Northeastern industrial markets in terms of sales volume and price, with $473 million in traded assets at an average of $202.9 per square foot year-to-date through April.<\/p>\n

Last month, the same JLL team also assisted Invesco Real Estate in landing construction financing<\/a> for an upcoming industrial facility in New Jersey. Invesco, in joint venture with The Hampshire Co., received $34.5 million in construction financing for a 187,530-square-foot industrial project in Bogota.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Class A distribution center will rise near the Port of New York and New Jersey.<\/p>\n","protected":false},"author":2991,"featured_media":1004666307,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21825,21748,1600,21742,10],"tags":[51470,33276,44006],"class_list":["post-1004666306","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-finance","category-industrial","category-new-york","category-latest","category-northeast","tag-bridge-industrial","tag-heitman","tag-jll-capital-markets"],"acf":[],"yoast_head":"\nBridge Industrial Lands $64M for Newark Spec Project - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Bridge Industrial secured $64.3 million financing for a 211,388-square-foot industrial project in Newark, N.J.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/bridge-industrial-lands-64m-for-newark-spec-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bridge Industrial Lands $64M for Newark Spec Project\" \/>\n<meta property=\"og:description\" content=\"Bridge Industrial secured $64.3 million financing for a 211,388-square-foot industrial project in Newark, N.J.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/bridge-industrial-lands-64m-for-newark-spec-project\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-06T10:57:21+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-06T12:16:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/BridgePoint-e1686042338914.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2318\" \/>\n\t<meta property=\"og:image:height\" content=\"1741\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Simona Tudose\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/bridge-industrial-lands-64m-for-newark-spec-project\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/bridge-industrial-lands-64m-for-newark-spec-project\/\",\"name\":\"Bridge Industrial Lands $64M for Newark Spec Project - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/bridge-industrial-lands-64m-for-newark-spec-project\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/bridge-industrial-lands-64m-for-newark-spec-project\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/BridgePoint-e1686042338914.jpg\",\"datePublished\":\"2023-06-06T10:57:21+00:00\",\"dateModified\":\"2023-06-06T12:16:24+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/4659e2337f06b61cefc6b0b897d183a4\"},\"description\":\"Bridge Industrial secured $64.3 million financing for a 211,388-square-foot industrial project in Newark, N.J.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/bridge-industrial-lands-64m-for-newark-spec-project\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/bridge-industrial-lands-64m-for-newark-spec-project\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/bridge-industrial-lands-64m-for-newark-spec-project\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/BridgePoint-e1686042338914.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/BridgePoint-e1686042338914.jpg\",\"width\":2318,\"height\":1741,\"caption\":\"Rendering of Bridge Point 15E. Image courtesy of JLL\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/bridge-industrial-lands-64m-for-newark-spec-project\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Bridge Industrial Lands $64M for Newark Spec Project\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/4659e2337f06b61cefc6b0b897d183a4\",\"name\":\"Simona Tudose\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/SimonaTudose_AuthorPhoto.jpg?w=79\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/SimonaTudose_AuthorPhoto.jpg?w=79\",\"caption\":\"Simona Tudose\"},\"description\":\"Simona Tudose is an Associate Editor with Commercial Property Executive and Multi-Housing News. She joined the CPE-MHN team in July 2022 and writes news about industrial, office and manufactured housing sectors. You can reach out to her at simona.tudose@cpe-mhn.com.\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/simona-tudose\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Bridge Industrial Lands $64M for Newark Spec Project - Commercial Property Executive","description":"Bridge Industrial secured $64.3 million financing for a 211,388-square-foot industrial project in Newark, N.J.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/bridge-industrial-lands-64m-for-newark-spec-project\/","og_locale":"en_US","og_type":"article","og_title":"Bridge Industrial Lands $64M for Newark Spec Project","og_description":"Bridge Industrial secured $64.3 million financing for a 211,388-square-foot industrial project in Newark, N.J.","og_url":"https:\/\/www.commercialsearch.com\/news\/bridge-industrial-lands-64m-for-newark-spec-project\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2023-06-06T10:57:21+00:00","article_modified_time":"2023-06-06T12:16:24+00:00","og_image":[{"width":2318,"height":1741,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/BridgePoint-e1686042338914.jpg","type":"image\/jpeg"}],"author":"Simona Tudose","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/bridge-industrial-lands-64m-for-newark-spec-project\/","url":"https:\/\/www.commercialsearch.com\/news\/bridge-industrial-lands-64m-for-newark-spec-project\/","name":"Bridge Industrial Lands $64M for Newark Spec Project - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/bridge-industrial-lands-64m-for-newark-spec-project\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/bridge-industrial-lands-64m-for-newark-spec-project\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/BridgePoint-e1686042338914.jpg","datePublished":"2023-06-06T10:57:21+00:00","dateModified":"2023-06-06T12:16:24+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/4659e2337f06b61cefc6b0b897d183a4"},"description":"Bridge Industrial secured $64.3 million financing for a 211,388-square-foot industrial project in Newark, N.J.","breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/bridge-industrial-lands-64m-for-newark-spec-project\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/bridge-industrial-lands-64m-for-newark-spec-project\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/bridge-industrial-lands-64m-for-newark-spec-project\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/BridgePoint-e1686042338914.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/BridgePoint-e1686042338914.jpg","width":2318,"height":1741,"caption":"Rendering of Bridge Point 15E. Image courtesy of JLL"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/bridge-industrial-lands-64m-for-newark-spec-project\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Bridge Industrial Lands $64M for Newark Spec Project"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/4659e2337f06b61cefc6b0b897d183a4","name":"Simona Tudose","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/SimonaTudose_AuthorPhoto.jpg?w=79","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/SimonaTudose_AuthorPhoto.jpg?w=79","caption":"Simona Tudose"},"description":"Simona Tudose is an Associate Editor with Commercial Property Executive and Multi-Housing News. She joined the CPE-MHN team in July 2022 and writes news about industrial, office and manufactured housing sectors. You can reach out to her at simona.tudose@cpe-mhn.com.","url":"https:\/\/www.commercialsearch.com\/news\/author\/simona-tudose\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/BridgePoint-e1686042338914.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004666306","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/2991"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004666306"}],"version-history":[{"count":10,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004666306\/revisions"}],"predecessor-version":[{"id":1004666454,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004666306\/revisions\/1004666454"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004666307"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004666306"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004666306"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004666306"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}