Northern New Jersey industrial development funded by $25 million loan
JLL Capital Markets today announced that it has closed a $25 million construction loan for Bridge Point South Plainfield, a 189,059 square foot Class A warehouse and distribution facility under construction in South Plainfield, New Jersey. .
With an expected completion date in the fourth quarter of 2022, Bridge Point South Plainfield will be a premier distribution center built to meet the needs of major market distribution tenants. The single-building facility will offer 36-foot headroom, 50 dock-height doors, two entry doors, office finish, 70 trailer parking spaces and 176 vehicle parking spaces. Additionally, the building’s highly functional design can accommodate single or multi-tenant users.
Spanning 20.7 acres, the yard is located at 602 New Market Ave. in South Plainfield, a suburban community 25 miles southwest of Manhattan with excellent access to regional highways and a large labor pool. Bridge Point South Plainfield is in Middlesex County, which is at the geographic center of the Boston/Washington Northeast Corridor and provides easy access to major transportation infrastructure including the New Jersey Turnpike, Interstates 78 and 287 and Route 440, as well as Newark Liberty International Airport and Port of New York and New Jersey. Additionally, the property is close to an extensive freight rail system.
The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Jon Mikula and Michael Klein and Vice Chairman Michael Lachs.
“Given the continued demand for industrial space in New Jersey, Middlesex County submarkets provide opportunities to supply top last mile projects such as Bridge Point South Plainfield,” Mikula said.
“Lender interest in specific industrial development continues to remain strong as the northern and central New Jersey industrial market continues to experience historically low vacancy rates, rising rental rates and an overall imbalance in l supply and demand in the market,” added Klein.
JLL Capital Markets is a global, full-service provider of capital solutions for property investors and occupiers. The firm’s deep knowledge of the local market and global investors provides best-in-class solutions to its clients, whether it is sales and investment advisory, debt advisory, equity advisory or recapitalization . The firm has more than 3,000 capital markets specialists worldwide with offices in nearly 50 countries.
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