{"id":1004712313,"date":"2024-04-30T02:25:00","date_gmt":"2024-04-30T10:25:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004712313"},"modified":"2024-04-30T02:25:03","modified_gmt":"2024-04-30T10:25:03","slug":"bridge-industrial-lands-29m-for-new-jersey-industrial-development","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/bridge-industrial-lands-29m-for-new-jersey-industrial-development\/","title":{"rendered":"Bridge Industrial Lands $29M for New Jersey Industrial Development"},"content":{"rendered":"\n

Bridge Industrial has received $28.5 million in construction financing for Bridge Point South Plainfield II, a 167,281-square-foot warehouse and distribution building in South Plainfield, N.J. CIBC provided the loan, in a deal arranged by JLL Capital Markets.<\/p>\n\n\n

\n
\"Bridge
Bridge Point South Plainfield II will benefit from its location near major transportation hubs in the region. Image courtesy of JLL<\/em> Capital Markets<\/em><\/figcaption><\/figure><\/div>\n\n\n

The developer plans to demolish the existent office building and transform it into a Class A distribution center. The project is slated for completion in the fourth quarter of this year.<\/p>\n\n\n\n

The speculative development project will feature 36-foot clear heights, 26 dock height doors and two drive-in doors.<\/p>\n\n\n\n

Senior Managing Directors Jon Mikula and Michael Klein, alongside Vice President Michael Lachs, led the JLL Capital Market’s Debt & Equity Advisory\u00a0team working on behalf of the borrower.<\/p>\n\n\n\n

Bride Industrial’s New Jersey projects<\/h2>\n\n\n\n

Located at 1 Cragwood Road, within the Middlesex County, Bridge Point South Plainfield II is taking shape near Interstate 287. Upon completion, the development will have access to major transportation hubs in the region, high-volume port facilities and the Newark Liberty Airport.<\/p>\n\n\n\n

Bridge Industrial previously received $25 million in financing for Bridge Point South Plainfield, a 189,059-square-foot Class A warehouse and distribution facility located at 602 New Market Ave. Simmons Bank provided the three-year, floating-rate loan back in 2022, arranged by JLL Capital Markets.<\/p>\n\n\n\n

Earlier this year, the company also secured $53.5 million in financing<\/a> for the development of Bridge Point 999, a 291,758-square-foot industrial building in South Brunswick, N.J.\u00a0Mesa West Capital\u00a0provided the loan.<\/p>\n\n\n\n

New Jersey had approximately 7.5 million square feet underway across 35 projects in February\u2014accounting for 1.3 percent of existing stock\u2014according to a recent CommercialEdge report<\/a>. This marks a considerable increase compared to last year\u2019s same period, when 1.4 million square feet were under construction.<\/p>\n\n\n\n

The metro recorded the largest sales volume in the Northeastern region in the first couple of months of the year, reaching $171 million, the same data shows.<\/p>\n","protected":false},"excerpt":{"rendered":"

JLL Capital Markets arranged the financing for the 167,281-square-foot project.<\/p>\n","protected":false},"author":3014,"featured_media":1004712314,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21825,21748,21742,10],"tags":[51470,44945,44006],"class_list":["post-1004712313","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-finance","category-industrial","category-latest","category-northeast","tag-bridge-industrial","tag-cibc-bank","tag-jll-capital-markets"],"acf":[],"yoast_head":"\nBridge Industrial Lands $29M for New Jersey Industrial Development - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Bridge Industrial received $28.5 million in construction financing for a 167,281-square-foot industrial building in South Plainfield, 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-29m-for-new-jersey-industrial-development\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bridge Industrial Lands $29M for New Jersey Industrial Development\" \/>\n<meta property=\"og:description\" content=\"Bridge Industrial received $28.5 million in construction financing for a 167,281-square-foot industrial building in South Plainfield, N.J.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/bridge-industrial-lands-29m-for-new-jersey-industrial-development\/\" \/>\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=\"2024-04-30T10:25:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-30T10:25:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/Bridge-Point-South-Plainfield-II-e1714466524590.png\" \/>\n\t<meta property=\"og:image:width\" content=\"781\" \/>\n\t<meta property=\"og:image:height\" content=\"587\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Diana Firtea\" \/>\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-29m-for-new-jersey-industrial-development\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/bridge-industrial-lands-29m-for-new-jersey-industrial-development\/\",\"name\":\"Bridge Industrial Lands $29M for New Jersey Industrial Development - 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