$28.5M in spec construction financing secured for New Jersey distribution center
JLL Capital Market arranged the financing for the 167,281-square-foot warehouse
MORRISTOWN, N.J., Apr. 29, 2024 – JLL Capital Markets announced today that it arranged $28.5 million in construction financing for Bridge Point South Plainfield II, a to-be-built, Class A warehouse and distribution building totalling 167,281 square feet in South Plainfield, New Jersey.
JLL worked on behalf of Bridge Industrial LLC and arranged the loan with CIBC.
The property is situated on 14.825 acres located at 1 Cragwood Rd. South Plainfield, Middlesex County, New Jersey. It is currently an office building, which will be demolished to be improved with a best-in-class distribution center designed to meet the demands of the market’s top distribution tenants. The project is set to have 36-foot clear heights, 26 dock height doors and two drive-in doors.
Bridge Point South Plainfield II is located just off Interstate 287 providing superior access to north and south entry and exit ramps. Interstate 287 provides fast access to the New Jersey Turnpike, Interstate 78, Route 440 and other major highways in Central and Northern New Jersey. The property’s location offers exceptional access to major transportation hubs in the Region, high-volume port facilities and Newark Liberty Airport. Additionally, the property is located in an area easily accessible to a large and varied labor pool, from unskilled labor to an executive demographic and is 24 miles southwest of New York City.
The JLL Capital Markets Debt & Equity Advisory team was led by Senior Managing Directors Jon Mikula and Michael Klein and Vice President Michael Lachs.
“JLL is pleased to have secured construction financing for another speculative development project on behalf of Bridge Industrial,” said Klein. “There is still ample liquidity in the lending market for well-located development projects by premiere sponsors.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.